Martin Shkreli is a controversial figure who is best known for his aggressive business practices in the pharmaceutical industry. He made a fortune by acquiring and raising the prices of life-saving drugs, but his actions also sparked widespread outrage and led to his own downfall.
Who is Martin Shkreli?
Martin Shkreli was born in Brooklyn, New York, in 1983. He is the son of Albanian immigrants and grew up in a working-class family. Shkreli attended Baruch College, where he earned a degree in business administration.
Early Life and Education
Shkreli was a bright student and showed an early interest in business. He began investing in the stock market at a young age and was working as a hedge fund intern by the time he was in high school.
Career Beginnings
After graduating from college, Shkreli worked as a hedge fund analyst. He then started his own hedge fund, Elea Capital, in 2006. Elea Capital was successful, and Shkreli became a millionaire at the age of 26.
Hedge Funds
Shkreli’s success in the hedge fund industry led him to become a well-known figure in the financial world. He was known for his aggressive investment style and his willingness to take risks.
Pharmaceuticals
In 2011, Shkreli co-founded Retrophin, a pharmaceutical company that specialized in developing and acquiring drugs for rare diseases. Retrophin was successful, and Shkreli became a major player in the pharmaceutical industry.
How Shkreli Made His Fortune
Shkreli made his fortune by acquiring and raising the prices of life-saving drugs. In 2015, he purchased the rights to Daraprim, a drug used to treat toxoplasmosis, a life-threatening infection that can occur in people with AIDS and pregnant women. Shkreli then raised the price of Daraprim by 5,455%, from $13.50 to $750 per pill.
Shkreli also raised the prices of other drugs, including pyrimethamine and Vecuronium. His actions sparked widespread outrage, and he was dubbed the “Pharma Bro” by the media.
Retrophin
Retrophin was Shkreli’s first foray into the pharmaceutical industry. The company was successful, and Shkreli became a major player in the industry.
Turing Pharmaceuticals
In 2015, Shkreli founded Turing Pharmaceuticals, a pharmaceutical company that specialized in developing and acquiring drugs for rare diseases. Turing Pharmaceuticals is best known for acquiring and raising the price of Daraprim.
Shkreli’s Rise and Fall
Shkreli rose to prominence in the pharmaceutical industry in 2015, when he acquired and raised the price of Daraprim. His actions sparked widespread outrage, and he was dubbed the “Pharma Bro” by the media.
Legal Troubles and Conviction
Shkreli’s legal troubles began in 2015, when he was arrested and charged with securities fraud. He was accused of misleading investors about the performance of his hedge funds. In 2017, Shkreli was convicted of securities fraud and sentenced to seven years in prison.
Shkreli’s Legacy
Shkreli’s legacy is complex and controversial. He is known for his aggressive business practices in the pharmaceutical industry, which led to widespread outrage and his own downfall. However, he is also known for his intelligence and his ability to identify and exploit market opportunities.
Impact on the Pharmaceutical Industry
Shkreli’s actions have had a significant impact on the pharmaceutical industry. His decision to raise the price of Daraprim by 5,455% sparked a public outcry and led to increased scrutiny of the industry. Shkreli’s actions also contributed to a growing awareness of the high cost of prescription drugs in the United States.
Public Perception
Shkreli is a very polarizing figure. He is seen by some as a villain who exploited patients and the pharmaceutical system for his own personal gain. Others see him as a brilliant businessman who was simply trying to maximize profits for his shareholders.
Conclusion
Martin Shkreli is a complex and controversial figure. He made a fortune by acquiring and raising the prices of life-saving drugs, but his actions also sparked widespread outrage and led to his own downfall. Shkreli’s legacy is still being debated, but there is no doubt that he has had a significant impact on the pharmaceutical industry.
