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26 Oct 2010 22:00

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Biz: GlaxoSmithKline makes a whistleblower incredibly rich

  • $750 million GlaxoSmithKline will no longer have after this
  • $150M the amount in fines and forfeiture the company will have to pay to the U.S. government
  • $600M the amount of the settlement that GlaxoSmithKline will have to pay out
  • $94M the amount of the settlement the whistleblower, Cheryl D. Eckard, gets source
  • » The lesson of the day, guys? It pays to be a lawyer. Or a whistleblower. One thing that doesn’t pay is selling products on the market that don’t do what they purport to do, or are tainted during the manufacturing process.
Posted by Ernie Smith • 0 Comments • Permalink

14 Jul 2010 20:21

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U.S.: FDA panel: We’re OK if dangerous drug Avandia stays on the market

  • 20
    FDA panel members voted to allow Avandia’s sale; most wanted to restrict it
  • 12 members of the panel voted to take it off the market
  • one person abstained from the vote for some stupid reason source
Posted by Ernie Smith • 0 Comments • Permalink

14 Jul 2010 10:37

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Biz: Glaxo’s diabetes drug Avandia proving to be a huge headache

  • 1.5% the share of Glaxo’s revenues the diabetes drug accounted for in 2009
  • 39% the average percentage that Avandia increased the risk of heart attacks in numerous studies
  • $460M the amount Glaxo agreed to pay to settle thousands of annoying lawsuits source
  • » And it could get worse: Today, a group of Food and Drug Administration advisers will suggest whether or not the drug should go off the market. If it’s banned, expect the massive drug company to be on the hook for even more lawsuits.
Posted by Ernie Smith • 0 Comments • Permalink

22 Feb 2010 10:07

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Biz: U.S. to Glaxo: Uh, you should pull Avandia from the market

  • The drug has long been linked to heart attacks. The Senate Finance Committee released a report over the weekend containing internal FDA documents recommending it should be pulled from the market. Glaxo, though, is trying its hardest to avoid the pulling of the diabetes drug, and is in the midst of a blind test with another drug, Actos, to show how safe it is. That’s despite the use of a fear-of-God “black box” warning on the drug, and despite a study noting a 43 percent increase in heart trouble for Avendia users. The report suggests Glaxo knew the issues but kept the drug on the market anyway. Yikes. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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