Ten years of Litigation Could Cost Pharmaceutical Company $50bn

[sintax]

Ten years of litigation could cost pharmaceutical company $50bn

By David Prosser

Published: 22 August 2005


Merck was once the world's largest drugs manufacturer, a proud company that had a reputation for ethical practices, including high-profile drug donation programmes in some of the poorest countries in Africa.

Yet even before the catastrophic Vioxx scandal broke last year, the company's crown had begun to slip. After a series of mega-mergers in the global pharmaceuticals sector, it had fallen back to number three in the industry, behind US rival Pfizer and the UK's GlaxoSmithKline.

The company was heavily criticised for its refusal to countenance major acquisitions. And analysts also said Merck was being damaged by a reluctance to sign partnerships with the small biotechnology firms developing many of the world's most promising new medicines.

The man blamed for these strategies, Richard Gilmartin, resigned as chairman and chief executive of Merck in May. But critics of the company were disappointed when Merck announced it would appoint an insider, Richard Clark, president of its manufacturing division, as Mr Gilmartin's successor.

http://news.independent.co.uk/world/americas/article307513.ece

[pinniped]

1. The POS* will just have to find a way to keep their profits intact...

like what he did with the credit card industry.

This is nothing a little money thrown to the POS* can't fix.

[sam sarrha]

2. so that is why they have been charging so much....

[sintax]

3. Exposed: how Drugs Giant Pushed Vioxx Painkiller

Exposed: how drugs giant pushed Vioxx painkiller

The growing furore surrounding the painkiller Vioxx could prove to be the most expensive legal action ever faced by a drugs company and raises questions about the marketing tactics used by a multibillion-pound pharmaceutical giant.

By Maxine Frith Social Affairs Correspondent

Published: 22 August 2005


At least 300 British patients who claim to have suffered heart attacks and strokes as a result of Vioxx, as well as the relatives of others who died, are to sue the makers, Merck, for millions of pounds in the US courts. More than 4,000 sufferers from around the world have also lodged negligence claims against Merck, with experts warning that the company faces a " potentially unlimited" flood of cases that could cost it more than $50bn (£28bn).

Merck is accused of deliberately withholding information about the potentially fatal side-effects of Vioxx from regulators on both sides of the Atlantic and misleading doctors about the risks of the drug in its desire to rush its product on to the market. Evidence given to congressional hearings in the US has also revealed how sales representatives employed by Merck were told to dodge questions about the side-effects.

http://news.independent.co.uk/uk/health_medical/article307428.ece

[sam sarrha]

4. Strettera is a failed anti-depressant,never tested for ADD..it is Dangerous

all drugs in the same class have suicide warnings.. i got really suicidal on it .. it was like mainlining Crank.. for me..

type in 'Strettera Failed anti-depressant'/or 'drug' there is lots of info

[WildClarySage]

9. I hated Strattera, found it made me very irritable and hostile

and that after taking it for only two weeks, was a walking ticking time bomb of anger. I quit taking it after 2 weeks and can't get my dr to admit it wasn't a good choice. I can't imagine that any ADD'er would be more focused with that much irritability and anger.

[FloridaPat]

5. They make $350 billion a year in profit. Nice odds.

[Psephos]

8. With all due respect, no company in America makes $350 billion in profits

Not even close. The entire national profit of all corporations added together is about $1000 billion, and that's in a good year.

Merck's total sales in 2004 were about $23 billion; EBTID (Earnings Before Tax Interest & Deductions) were about $9 billion, and profit was about $5.8 billion. 2004 was, by historical standards, an ok year for Merck. 2005 and the foreseeable future will be considerably less profitable...probably catastrophically so, with all the damages that will arise from Vioxx litigations.

Too bad, once upon a time Merck was a great company that treated its employees and its customers very well.

https://secure.globeadvisor.com/gi/db/gax.company_prof?company_id=162909

Peace.


EDIT: changed a word

[Name removed]

6. Deleted message

Message removed by moderator. Click here to review the message board rules.

[PatriotGames]

7. Maybe if they didn't sell crap drugs, then they wouldn't sued.

They sell meds that they KNOW could kill you.