Big Pharma Settlements Continue To Set Records
The price of doing business continues to rise for Big Pharma.
Pharmaceutical companies have paid billions in settlements since 2010 — a trend that does not appear to be waning. The allegations against pharmaceutical and medical device companies include manufacturing defective devices, illegally marketing medications for off-label purposes and withholding information about the health risks of their drugs.
According to Public Citizen, a health care advocacy group, Big Pharma has paid some 10.2 billion in settlements since 2010. Pharmaceutical giant Johnson & Johnson alone accounted for over $5 billion of that amount.
According to Public Citizen, here are the top five settlements (so far):
- $3B: GlaxoSmithKline in 2012 for unlawful promotion, concealing data, kickbacks and overcharging the government.
- $2.5B: Johnson & Johnson in 2013 for defective ASR hip implants
- $2.2B: Johnson & Johnson for improperly marketing Ripserdal and paying kickbacks to doctors and pharmacists.
- $1.5B: Abbot in 2012 for kickbacks and unlawful promotion.
- $1.2B: Johnson & Johnson for unlawful promotion.
Allegations against Johnson & Johnson have become so prevalent that comedian Jon Stewart recently commented about them on his show, saying that the company’s tactics wouldn’t even be allowed in the notoriously violent video game, “Grand Theft Auto.”
Public Citizen pointed out that drugmakers have paid $1.6 billion in state charges and $5 billion in federal charges since 2012 alone. From 1991 to 2010 the industry paid out $20 billion to settle charges.
Obviously, Big Pharma as made a conscious choice to put profit before patients and is willing to pay out large settlements as the cost of doing business. The pharmaceutical liability attorneys at Farah & Farah in Jacksonville believe that you can fight back if you have been injured by a defective medical device or have suffered an adverse reaction to a dangerous medication. If you have questions concerning your legal rights, call us (800) 533-3555 or contact us online for a free, no-obligation review of your case.