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GlaxoSmithKline agrees to proposed $3B settlement for illegal marketing charges

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Drug maker GlaxoSmithKline has agreed to settle numerous civil and criminal charges against it over the illegal marketing of prescription pharmaceuticals.

According to a Bloomberg report, the proposed settlement would resolve nearly a decade’s worth of claims the U.K. company has illegally marketed its most popular and best-selling pharmaceutical drugs like Paxil, Advair and Avandia.

Avandia has caused the most recent trouble for GlaxoSmithKline, being severely restricted by the Food and Drug Administration because studies have revealed the once-leading diabetes treatment increased the risk of heart attack, stroke and death.

The proposed settlement is expected to cost at least $3 billion. Earlier this year, GlaxoSmithKline announced it was setting about $3.5 billion aside to resolve legal claims related to several criminal investigations and civil claims.

Since 1997 GSK has been the focus of numerous investigations, mainly over the promotion of its popular prescription drugs for unapproved uses. Also, the drug maker is accused numerous times of concealing dangerous known side effects of these drugs and of improperly influencing doctors into prescribing its drugs over others.

This settlement would be the largest from a pharmaceutical company in U.S. history but follow several other high-profile federal legal settlements with industry giants. In 2009, Bloomberg recalls, Pfizer agreed to pay $2.3 billion to settle charges it illegally marketed drugs like Bextra and Zyprexa. Abbott Laboratories has previously paid $1.3 billion settling similar charges over its drug, Depakote.

breakinglawsuitnews.com disclaimer: This article: GlaxoSmithKline agrees to proposed $3B settlement for illegal marketing charges was posted on Friday, November 4th, 2011 at 6:03 am at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

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