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angieh angieh
 
M$1 September 02, 2009 03:42 PM

Will the Pfizer fraud settlement prevent other similar fraud cases?

Pfizer agreed to a gigantic settlement of $2.3 billion as announced today for the illegal marketing and promotion of four prescription drugs it sells.

Seeing how this was the largest settlement of its kind, will this be a message to the company and other pharmaceutical companies to play by the rules, or is this just pocket change to these companies?
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mrcal mrcal
 
 September 02, 2009 06:30 PM
In the short-term, I would think that this settlement would actually INCREASE similar cases – not because companies would engage in new actions along these lines, but more that lawyers would be looking for any previous cases of pharmaceutical companies playing in this area and bring some sort of legislation.

In the long run, the answer is probably that it depends, but the authorities definitely are clearly trying to change behavior. The Justice Department sent a message to the industry and to Pfizer that this behavior will not be tolerated. They specifically noted Pfizer as a repeat offender (noting that this was their forth such settlement) and levied the significant fine accordingly. It also set the legal precedent. If they maintain this tack and continue to legislate accordingly, I do think it will have an impact in the industry.

With that said, I think the shift will be gradual and there will always be people trying to bend the rules to their advantage.


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xds xds
 
September 03, 2009 06:54 AM
I hope you are wrong, for all our sakes.

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cxyf cxyf
 
September 03, 2009 12:10 AM
This won't change anything in my opinion. I agree that related lawsuits may crop up soon, but there are always plenty of drug-related lawsuits making lawyers very wealthy.

Trust me when I say that this is pocket change for the drug companies. There are so many people taking prescription drugs these days, especially newer, more expensive and non-generic ones, that the companies are making money hand over fist. These fines look big to those of us who don't make a lot of money, but they are worth taking the risk if you can afford to write the check.

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mrcal mrcal
 
September 03, 2009 01:57 AM
I have to disagree a little that this is "pocket change" - While Pfizer's revenue in 2008 was close to $50 Billion, their net income was $8 Billion - this is essentially 25% of their total 2008 earnings - sure there is still $6 Billion, but this is a big chunk. I don't disagree with your point entirely - these companies are making a ton of cash.

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xds xds
 
September 03, 2009 03:16 AM
Yes and I have to refute that mrcal , while their Net revenue might have only been 8 or 9 billion, they also make money on drug trials lets not forget.

Trials that are still pending, and allot of money out their they have yet to collect on.

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mrcal mrcal
 
September 04, 2009 10:00 PM
@xds - the $8 billion is Net Income, so it would include income from all sources (including drug trials).

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