Martin Shkreli, sometimes known as "Pharma Bro", earned notoriety after obtaining the patent for an anti-parasitic drug and hiking the price from $13.50 a pill to $750. An FTC lawsuit ordered Shkreli in January 2022 to return almost $65 million in wrongfully obtained profits, and banned him for life from the pharmaceutical industry.
[...] If this was anyone other than Martin Shkreli, I might have been surprised to hear that, only a little over two months out of prison and while still staying in a halfway house, Shkreli is launching a "web3 drug discovery software platform".
From the press release:
"We started Druglike because in our experience, traditional drug discovery software is too difficult and expensive to use," said Martin Shkreli, Co-Founder of Druglike. "Druglike will remove barriers to early-stage drug discovery, increase innovation and allow a broader group of contributors to share the rewards."
[...] Druglike is building a decentralized computing network which provides resources for anyone looking to start or contribute to early-stage drug discovery projects. Unlike competitors, Druglike will be web-based and completely free to use. Druglike will soon release a web-based suite for target identification, drug design, and tools for both constructing and running large-scale virtual screening workflows.
[...] Proof-of-Optimization, a novel blockchain consensus mechanism described in the whitepaper, plans to solve computational chemistry problems at a cost competitive with that of standard on-premises environments and cloud computing. Compute contributors can run both solver and validator nodes powering industrial-scale virtual screening campaigns in exchange for $MSI, the platform's official token.
"For the first time, any computer or phone with access to the web might be responsible and rewarded for discovering the next breakthrough medicine," said Shkreli, Druglike Co-Founder. "We will disrupt the economics of the drug business by allowing a wide pool of innovators and contributors, rather than only pharmaceutical giants, to profit from drug discovery."
[...] Druglike is a blockchain/Web3 software company and not a pharmaceutical company. Druglike is not engaged in pharmaceutical research or drug development.
What do you think, an interesting and legitimate application of blockchain, or a scam in sheep's clothing?
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Infamous ex-pharmaceutical executive Martin Shkreli is yet again in trouble with the Federal Trade Commission, which announced today that the convicted fraudster has failed to cooperate with the commission's investigation into whether he violated his lifetime ban from the pharmaceutical industry by starting a company last year called "Druglike, Inc."
[...]
At the center of the dispute is whether Shkreli's co-founding of Druglike runs afoul of his lifetime ban from the pharmaceutical industry, which was in response to Shkreli's infamous move to raise the price of the cheap, life-saving anti-parasitic drug, Daraprim, from $17.50 a pill to $750 a pill in 2015.
[...]
The FTC also noted in its court filing that Shkreli has so far failed to pay any of the $64.6 million in disgorgement he was ordered to pay alongside his lifetime ban.
Previously:
Martin Shkreli Launches Blockchain-Based Drug Discovery Platform
Martin Shkreli Accused of Running Business From Prison With a Smuggled Smartphone
Sobbing Martin Shkreli Sentenced to 7 Years in Prison for Defrauding Investors
Martin Shkreli's $5 Million Bail Revoked for Facebook Post Seeking Hillary Clinton's Hair
Martin Shkreli Lists Unreleased Wu-Tang Clan Album on eBay
Martin Shkreli Convicted of Securities Fraud Charges, Optimistic About Sentencing
Martin Shkreli Points Fingers at Other Pharmaceutical Companies
Related:
U.S. Hospitals Band Together to Form Civica Rx, a Non-Profit Pharmaceutical Company
FDA Has Named Names of Pharma Companies Blocking Cheaper Generics [Updated]
EpiPen Maker is Facing Shareholder Backlash
Mylan Overcharged U.S. Government on EpiPens
Drug Firm Offers $1 Version of $750 Turing Pharmaceuticals Pill
In an effort to avoid being held in contempt of court, former pharmaceutical executive and convicted fraudster Martin Shkreli made an eyebrow-raising argument to a federal judge Friday, stating that his company Druglike, which he previously described as a "drug discovery software platform," was not engaged in drug discovery. As such, he argued he is not in violation of his sweeping lifetime ban from the pharmaceutical industry.
Last month, the Federal Trade Commission and seven states urged a federal judge in New York to hold Shkreli in contempt for allegedly failing to cooperate with an investigation into whether he violated the ban. The FTC said Shkreli failed to turn over requested documents related to Druglike and sit for an interview on the matter.
In the filing Friday, Shkreli claims that he responded to the FTC's requests "promptly and in good faith."
Previously:
FTC: Shkreli May Have Violated Lifetime Pharma Ban, Should be Held in Contempt
Martin Shkreli Launches Blockchain-Based Drug Discovery Platform
Shkreli Released From Prison to Halfway House After Serving <5 of 7 Years
Martin Shkreli Accused of Running Business From Prison With a Smuggled Smartphone
Sobbing Martin Shkreli Sentenced to 7 Years in Prison for Defrauding Investors
Martin Shkreli's $5 Million Bail Revoked for Facebook Post Seeking Hillary Clinton's Hair
Martin Shkreli Lists Unreleased Wu-Tang Clan Album on eBay
Martin Shkreli Convicted of Securities Fraud Charges, Optimistic About Sentencing
Martin Shkreli Points Fingers at Other Pharmaceutical Companies
Related:
"Pure and Deadly Greed": Lawmakers Slam Pfizer's 400% Price Hike on COVID Shots
U.S. Hospitals Band Together to Form Civica Rx, a Non-Profit Pharmaceutical Company
FDA Has Named Names of Pharma Companies Blocking Cheaper Generics [Updated]
EpiPen Maker is Facing Shareholder Backlash
Mylan Overcharged U.S. Government on EpiPens
Drug Firm Offers $1 Version of $750 Turing Pharmaceuticals Pill
The pharmaceutical company behind Martin Shkreli's infamous 4,000 percent price hike—now known as Vyera Pharmaceuticals—filed for bankruptcy this week and plans to sell its assets to pay off millions in debts.
In court documents filed Wednesday, Vyera's chief restructuring officer, Lawrence Perkins, largely blamed Shkreli for dooming the company and its affiliates.
[...]
Shkreli founded Vyera in 2014 under the name Turing Pharmaceuticals. His focus was to acquire sole-source drugs that treat life-threatening conditions in small populations of patients—and then dramatically jack up the price. In August 2015, he did just that, buying the rights to the decades-old anti-parasitic drug Daraprim for $55 million and abruptly raising the price from $17.60 per tablet to $750, a more than 4,000 percent increase.
[...]
Shkreli's influence wasn't shaken until January 2020, when the Federal Trade Commission and several state attorneys general sued Shkreli and the company—then called Vyera—for allegedly violating antitrust laws. Soon after, Vyera appointed a new board and management to purge ties to Shkreli. Vyera later settled the FTC's lawsuit, while Shkreli insisted on going to trial, where he lost, was banned from the pharmaceutical industry for life, and ordered to pay roughly $65 million in disgorgement. He is appealing the ruling.Meanwhile, Vyera never reversed Shkreli's price hike.
Previously:
Cost of Daraprim Medication Raised by Over 50 Times 20150922
Stories mentioning Shkreli on Soylentnews 21+ stories (Famous/infamous, same dif, right?)
Related:
Martin Shkreli Launches Blockchain-Based Drug Discovery Platform 20220726
FTC: Shkreli May Have Violated Lifetime Pharma Ban, Should be Held in Contempt 20230125
Shkreli Tells Judge His Drug Discovery Software is Not for Discovering Drugs 20230215
(Score: 2) by c0lo on Wednesday July 27 2022, @03:53AM
Nowadays, the reward for a successful drug is a patent (heh, surprise, Shkreli was one to take advantage of this situation). If you are a big player, there's no incentive to share it.
Given that the chance of contributing to "next breakthrough medicine" by blindly running "computational chemistry" on your mobile phone is lower than winning the lottery, I don't see "Folding-at-home-but-for-pay" enthusiasts to take it seriously. After all, even if you "win" the lottery, you aren't likely be able to exercise any control over your "discovery" or dictate the price in any way; I suspect your winning price is going to be a few $hundreds (and maybe a marketing campaign contract using you for about 6mo if you are among the first ones).
Since there won't be many takers on medium term, I think the big players won't have incentives to pay subscription fees to Shkreli (errrr.. sorry, it's "broader group of contributors to share the rewards").
The entire scheme seems more like an attempt of a grab from "soon to be parted with their money" investors.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 5, Touché) by sgleysti on Wednesday July 27 2022, @04:06AM
I didn't read this beyond the headline, but even if it's the most humanitarian idea in the history of humanity, I still think Shkreli can fuck himself. If the idea is any good, let someone else do it.
(Score: 4, Insightful) by Anonymous Coward on Wednesday July 27 2022, @05:00AM (4 children)
Less than one fucking quarter out of jail, and this fucker jsut fucking announces he's going to violate a court order, to do exactly what he was ardered to not do.
Clearly this fucking fuck doesn't respect the state. Or, he canb't be bortherd to listen to his lawyr.
(Score: 5, Interesting) by bradley13 on Wednesday July 27 2022, @05:54AM
Not only is he pushing the limits of "stay out of the Pharma industry" - hw also has to mix in "blockchain". WTF? Can he make it any more obvious that this is yet another scam, designed to separate fools from their money?
Everyone is somebody else's weirdo.
(Score: 2, Touché) by khallow on Wednesday July 27 2022, @07:58AM (2 children)
So what? Is there a law that someone has to "respect the state"?
(Score: 4, Insightful) by cmdrklarg on Wednesday July 27 2022, @05:10PM
Not that I know of, but ignoring a court order will usually earn you "contempt of court" charges.
I'm pretty sure Shkreli doesn't respect anyone, so it's right up his alley.
The world is full of kings and queens who blind your eyes and steal your dreams.
(Score: 0) by Anonymous Coward on Wednesday July 27 2022, @05:14PM
Ask Steve Bannon.
(Score: 3, Funny) by Anonymous Coward on Wednesday July 27 2022, @06:01AM (2 children)
That's the greatest thing since...
...Saudi Arabia joined the UN counsel for human rights.
...(insert your favorite here).
(Score: 2) by tangomargarine on Wednesday July 27 2022, @03:13PM (1 child)
...Microsoft released their own Linux distro.
...whatever-government-that-was released their own cryptocurrency.
"Is that really true?" "I just spent the last hour telling you to think for yourself! Didn't you hear anything I said?"
(Score: 2) by Mykl on Wednesday July 27 2022, @11:00PM
...Software patents
(Score: 5, Funny) by Opportunist on Wednesday July 27 2022, @08:12AM (1 child)
Someone who is a convicted con artist and ponzi scheme operator pitches something that contains blockchain technology?
Doesn't that just make you yell out "Sign me up, take my money!"?
(Score: 2) by liar on Wednesday July 27 2022, @09:56PM
I'm pretty sure the take my money part is unnecessary...
Noli nothis permittere te terere.
(Score: 2) by inertnet on Wednesday July 27 2022, @08:14AM (2 children)
So his goal is not better drugs, or cheaper drugs, or anything else that would be good for humanity.
His goal is still to make lots of money out of other people's misery.
(Score: 5, Insightful) by Thexalon on Wednesday July 27 2022, @11:01AM
That's been his schtick since the day he got started in pharma. It's:
1. Find something that is essential to the survival of a significant number of people.
2. Buy it.
3. Raise the price by as much as he likes, on the grounds that his victims can either pay up or drop dead.
He probably thinks of himself as a genius for doing this, when in fact he's nothing more than your average run-of-the-mill sociopath.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 0) by Anonymous Coward on Wednesday July 27 2022, @05:17PM
> His goal is still to make lots of money out of other people's misery.
AKA biomedical science. The only ones doing what you might consider "real science" are naive students in their first few years, before they realize everyone above them is trying to score a patent or a copyright or put a finger in their pie. A giant inverted pyramid.
(Score: 3, Informative) by Bean Dip on Wednesday July 27 2022, @12:48PM
For more giggles, check out Molly White's Mastadon feed. An excerpt:
"we talked to our lawyers. software is not pharmaceuticals. one exists in a machine, one does not. thanks for your concern though."
https://indieweb.social/@web3isgreat [indieweb.social]