26 November 2010

Big Pharma FAILS - 2010 Year in Review

Comparative Stock Values of Pharmaceutical Companies referenced in this article.

22 Nov 10
A Press Release from the Department of Justice states that $2.5 billion in fines, forfeitures, restitution and disgorgement were recovered this year making it the largest in history. Most of the cases resulting in recoveries were brought to the government by whistleblowers under the False Claims Act.

According to the report, the largest fiscal year 2010 False Claims Act recoveries came from the pharmaceutical and medical device industries, which accounted for $1.6 billion in settlements, including $669 million from Pfizer Inc. (NYSE:PFE), as part of a 2009 judgment for $2.3 billion.

26 Oct 10
GlaxoSmithKline (NYSE:GSK)
$750 million
Systematic deceit related to product contamination and dosage irregularities at GSK's plant in Cidra, Puerto Rico. Drugs affected include Paxil, Avandia, Avandament, Coreg, Bactroban, Abreva, Cimetidine, Compazine, Denavir, Dyazide, Thorazine, Stelazine, Ecotrin, Tagamet, Relafen, Kytril, Factive, Dyrenium, and Albenza.

15 Oct 10
Johnson & Johnson (NYSE:JNJ)
$257.5 million
Making misleading claims about the safety of the company’s Risperdal antipsychotic drug.

30 Sep 10
Novartis Pharmaceuticals (NYSE:NVS)
$422.5 million
Unapproved promotion of Trileptal and five other drugs (Diovan, Exforge, Sandostatin, Tekturna and Zelnorm).

15 Sep 10
Forest Labs (NYSE:FRX)
$313 million
Marketed Levothroid without FDA approval and unlawfully promoted Celexa and Lexapro for pediatric use.

01 Sep 10
Allergan (NYSE: AGN)
$600 million
Off-label marketing practices involving Botox.

26 Jul 10
Teva Pharmaceuticals (NASDAQ:TEVA)
$169 million
Inflated prices reported to Medicaid.

15 Jul 10
Elan Corporation (NYSE:ELN)
$203.5 million
Improperly sold and marketed Zonegran.

27 Apr 10
AstraZeneca (NYSE:AZN)
$520 million
Illegally marketed the anti-psychotic drug Seroquel.

SOURCES

U.S. Department of Justice
Health Care Fraud Prevention and Enforcement Action Team
DOJ Office of Consumer Litigation
Taxpayers Against Health Fraud

About the Author: Dr. Matthew Marturano offers naturopathic medicine for holistic health and wellness. He serves on the Board of Directors for the Michigan Association of Naturopathic Physicians and is the Director of Strategic Development for Orchid Holistic Search.

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