Turing Pharmaceuticals CEO Shkreli Arrested On Securities Fraud Charges Related To Work At Previous Company

The Hill: Price-gouging CEO indicted on securities fraud charges
“…Martin Shkreli was charged [by federal authorities] in a seven-count indictment unrelated to his tenure as CEO of Turing Pharmaceuticals, where he raised the price of toxoplasmosis drug Daraprim to $750 per pill, up from $13.50, earlier this year. The charges stem from his work at another drug company, Retrophin, which he headed from 2012 to 2014…” (Richardson, 12/17).

New York Times: Drug CEO Martin Shkreli Arrested on Fraud Charges
“…Mr. Shkreli has emerged as a symbol of pharmaceutical greed for acquiring a decades-old drug used to treat an infection that can be devastating for babies and people with AIDS and, overnight, raising the price to $750 a pill from $13.50. His only mistake, he later conceded, was not raising the price more…” (Creswell et al., 12/17).

New York Times: Martin Shkreli’s Arrest Gives Drug Makers Cover
“…Most drug companies do not increase prices fiftyfold overnight, as Mr. Shkreli did. But they often increase prices 10 percent or more a year, far faster than inflation. And those 10 percent increases — on drugs for common diseases like diabetes, high cholesterol, and cancer — have a far bigger impact on health care spending than the 5,000 percent increase on Turing’s drug, Daraprim, which might be used by about 2,000 people a year facing possible brain damage from a parasitic infection called toxoplasmosis…” (Pollack, 12/17).

The KFF Daily Global Health Policy Report summarized news and information on global health policy from hundreds of sources, from May 2009 through December 2020. All summaries are archived and available via search.

The Henry J. Kaiser Family Foundation Headquarters: 185 Berry St., Suite 2000, San Francisco, CA 94107 | Phone 650-854-9400
Washington Offices and Barbara Jordan Conference Center: 1330 G Street, NW, Washington, DC 20005 | Phone 202-347-5270

www.kff.org | Email Alerts: kff.org/email | facebook.com/KaiserFamilyFoundation | twitter.com/kff

Filling the need for trusted information on national health issues, the Kaiser Family Foundation is a nonprofit organization based in San Francisco, California.