'Pharma Bro' Martin Shkreli ordered to pay $64 million for hiking cost of lifesaving drug

Shkreli hiked the price of an HIV drug by 4,000%.

Martin Shkreli became infamous, and earned the nickname "Pharma Bro," after he hiked the price of a potentially lifesaving antiparasitic medication in 2015. On Friday, a federal judge ruled he should pay $64 million for his actions.

The judge said Shkreli should pay the financial penalty, equivalent to the profits from his scheme, and receive a lifetime ban from participation in the pharmaceutical industry.

Shkreli earned widespread condemnation in 2015 when he raised the price of Daraprim -- an anti-malaria medication often prescribed for HIV patients -- by 4,000% and initiated a scheme to block the entry of generic drug competition so that he could reap the profits from Daraprim sales for as long as possible, the judge said.

Through his tight control of the distribution of Daraprim, Shkreli prevented generic drug companies from getting access to the quantity of Daraprim they needed to conduct testing demanded by the Food and Drug Administration. Through exclusive supply agreements, Shkreli also blocked access to the two most important manufacturers of the active pharmaceutical ingredient for Daraprim.