Pharmaceutical Settlements with State and Federal Governments top $10 Billion
- Ennis & Ennis News
11/15/2012 - The citizen “watch dog” group, Public Citizen has tracked all major financial settlements between federal and state governments and pharmaceutical companies from November 2, 2010 and July 18, 2012 based on inappropriate conduct by the various pharmaceutical companies. The companies have paid out in fines a staggering $10.2 billion, with the first half of 2012 representing a record year for both state ($1.6 billion) and federal ($5.0 billion) financial recoveries. Most of the settlements and fines resulted from unlawful acts by the pharmaceutical companies including unlawful promotion, off label promotion and deceptive marketing practices.
Industry giant, GlaxoSmithKline leads the list with over $3.0 billion dollars in federal fines for its unlawful promotions, kickbacks, concealing results of studies and overcharging government health programs for its Paxil, Wellbutrin and Avandia medications. Other major manufacturers paying hefty fines include: Abbott- $1.5 billion dollars for unlawful promotion and kickbacks involving Depakote, Johnson & Johnson-over $1.2 billion dollars for unlawful promotion of Risperdal and Merck nearly $1 billion dollars for unlawful promotion of Vioxx.
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