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Thread: Pfizer to pay record $2.3 billion in fines

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    Pfizer to pay record $2.3 billion in fines

    Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009

    WASHINGTON - Federal prosecutors hit Pfizer Inc. with a record-breaking $2.3 billion in fines Wednesday and called the world's largest drug maker a repeating corporate cheat for illegal drug promotions that plied doctors with free golf, massages, and resort junkets.

    Announcing the penalty as a warning to all drug manufacturers, Justice Department officials said the overall settlement is the largest ever paid by a drug company for alleged violations of federal drug rules, and the $1.2 billion criminal fine is the largest ever in any U.S. criminal case. The total includes $1 billion in civil penalties and a $100 million criminal forfeiture.
    That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
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    Re: Pfizer to pay record $2.3 billion in fines

    I'm more worried about the doctors than Pfizer -- tell me they lost their medical licenses?

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    Re: Pfizer to pay record $2.3 billion in fines

    Good to see.

    Some of my other favorite bits from this news story:

    In an unusual twist, the head of the Justice Department, Attorney General Eric Holder, did not participate in the record settlement, because he had represented Pfizer on these issues while in private practice.
    It's definitely not a criticism of Holder because that's just how law firms work, but I lol'd.

    A Pfizer subsidiary, Pharmacia and Upjohn Inc., which was acquired in 2003, has entered an agreement to plead guilty to one count of felony misbranding.
    That company's name is particularly amusing, considering that the Upjohn warning was probably given by Pfizer's counsel approximately ten million times during this investigation.

    The allegations came to light thanks largely to five Pfizer employees and one Pennsylvania doctor, who will now share $102 million of the settlement money.
    Daaaaamn.

    In financial filings in January, the company had indicated that it would pay $2.3 billion over the allegations.

    ...

    When Pfizer originally disclosed the settlement figure, it also announced plans to acquire rival Wyeth for $68 billion. That deal, which would bolster Pfizer's position as the world's top drug maker by revenue, is expected to close before year's end.

    Shares of Pfizer dropped 14 cents to $16.24 in midday trading.
    Seems like they knew what was going to happen quite a long time ago. That's a little strange.

    Quote Originally Posted by Taylor View Post
    I'm more worried about the doctors than Pfizer -- tell me they lost their medical licenses?
    I believe the law that was being broken only applied to Pfizer...there's no evidence (or at least not enough work pursuing) to show that they did anything improper.
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    Re: Pfizer to pay record $2.3 billion in fines

    Quote Originally Posted by Kandahar View Post
    Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009



    That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
    I have been telling people for years that I believe alot of Doctors are in the pockets of the pharmaceutical companies. Most looked at me like I was crazy. Now I can forward this article to them.

    Now if we would only hold politians to the same standard.
    Last edited by Baralis; 09-03-09 at 06:11 AM.

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    Re: Pfizer to pay record $2.3 billion in fines

    Quote Originally Posted by Kandahar View Post
    Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009



    That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
    You should personally boycott all pfizer products.
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    Re: Pfizer to pay record $2.3 billion in fines

    Is it enough? Depending on how useful this doctor-corrupting tactic is, they hypothetically might have made more money even with the fine. Deterrence against a corporation with pockets this size does require truly staggering amounts of money. Unless you truly make it hit the bottom line, they just write it off as a business expense and don't change anything.

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    Re: Pfizer to pay record $2.3 billion in fines

    Quote Originally Posted by American View Post
    You should personally boycott all pfizer products.
    Why?
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    Re: Pfizer to pay record $2.3 billion in fines

    Its a great system. Figuring out ways to sell the most "medical stuff" at the highest fee possible to people who can't afford them.

    It proves why we shouldn't reform health care.

    Even if we did, and dropped out the gov't run public option because we are willing to compromise, it's actually because we are weak, and not because we want to pass ANYTHING that can even slightly fix this perfect health care system.

    I love corporations. They always do whats best for EVERYONE!
    Last edited by JakeFromWI; 09-03-09 at 01:41 PM.
    and so it goes...

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    Re: Pfizer to pay record $2.3 billion in fines

    Quote Originally Posted by Kandahar View Post
    Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009



    That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
    My only questions is this: won't the cost of the fine just be passed along to their customers? I think in something like this, there needs to be a system to actually lock up those at the top of the company, as I don't really think fines are a very effective deterrent.

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    Re: Pfizer to pay record $2.3 billion in fines

    Quote Originally Posted by Taylor View Post
    I'm more worried about the doctors than Pfizer -- tell me they lost their medical licenses?
    If they can show evidence that the doctors prescribed Pfizer drugs based on this, I would definitely support going after the doctors if there is an applicable law.

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