It appears Martin Shkreli has tried this a couple times before.

http://blogs.sciencemag.org/pipeline/archives/2015/02/20/mor...

In the past, he actually planned to limit access to the existing drug (ie. the one he increased the price on) to prevent a competitor from creating a new generic formulation and gaining FDA approval. It appears he modeled this heinous approach on a maneuver by Celgene to prevent production of generic thalidomide.

http://blogs.sciencemag.org/pipeline/archives/2014/09/11/the...

It seems to me that the FDA needs sharper teeth in this arena to ensure access to an existing drug is not a limiting factor in the approval of generics.