He unapologetically hiked the price of a life-saving drug by almost 5000% and went to prison for defrauding investors. "Pharma Bro" Martin Shkreli is now banned from the pharmaceutical industry for life.
This is his story.
This is his story.
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NewsTranscript
00:00We definitely planned on raising the price, that's for sure.
00:02We paid a very, very large amount to buy an unprofitable medicine.
00:05We can't continue to lose money on the drug at that price.
00:17Now, that sounds like pure evil.
00:30New York City, 8 million stories.
00:36Mine's the best.
00:48I grew up in the streets, shared a room with my brother.
00:51You're talking about two bedroom, you know, four kids.
01:00I earned my way to the top, and I think I should earn a little bit of respect.
01:30New York City, $2.5 million.
01:50New York City, $2.5 million.
02:00New York City, $2.5 million.
02:18You can sort of give up this sort of fakeness, and just be yourself.
02:22And I'm the kind of person that tries to be himself, and for better or worse, sometimes it has benefits, sometimes it has drawbacks.
03:00I wonder if you would do anything differently.
03:04I probably would have raised the price higher.
03:06I could have raised it higher and made more profits for our shareholders, which is my
03:11primary duty.
03:28I'm a young man.
03:29I'm a young man too.
03:30I'm from Brooklyn too.
03:31Just because he was in the Wu-Tang Clan 20 years ago doesn't make him a tough guy.
03:46Shkreli used money from MSMB healthcare to pay off debts that he incurred from a series
03:52of bad trades that he made at MSMB Capital.
03:55Now why did he do that?
03:57He did that to conceal the lies that he told to MSMB Capital investors, namely that their
04:02investments were doing well and they were getting handsome returns.
04:27I'd love to nothing more than to criticize, ridicule and educate, all three, our senators
04:44on pharmaceuticals because I don't think they get it.
04:50Do you think you've done anything wrong?
04:53On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination
05:00and respectfully decline to answer your question.
05:14Martin's fine and he will be fine and obviously it could have been a lot worse.