Monday, December 20, 2010

Astonishing. Or Not So. . . $19.8 Billion, According To Public Citizen


This idea, that pharma has eclipsed defense contractors and the tobacco industry -- to become the most widely fined industry in America -- is truly saddening to those of us who remember that (at least at some companies, and for some period of time) it was once about saving lives -- with the idea that profits would come in due course. From Tribune wire services:

. . . .The New York-based Pfizer, along with Glaxo, Eli Lilly & Co. and Schering-Plough, accounted for more than half of the $19.8 billion in fines imposed against pharmaceutical companies under the federal False Claims Act in the past two decades, the report said. Three-quarters of all these penalties have occurred in just the past five years, it added, indicating that companies are increasing their violations and that the government is enforcing state and federal laws more aggressively. . . .

That is a very sad five year record.

1 comment:

Anonymous said...

in a system that almost punishes long term goals and favours short term profits as strong as it does it should not be so much of a surprise that some companies get carried away with their creativity in making profits ....

The newly found focus on pharma wrongdoings might also mean that prosecuting pharma companies has become a highly visible new hobby where no one seemed to really care until some 10 years ago,