Wednesday, March 05, 2008


The pharmaceutical industry

Not to be outdone by the financial sector the pharmaceutical sector has its own share of fines and settlements for the false advertising of drugs, payoffs to doctors, kickbacks to doctors and pharmacy outlets, fraud in testing, fraud in billing including Medicare and Medicaid and on and on.

Maybe you will recognize some of your favorite drug suppliers from this partial list of companies and the millions and millions in settlements and fines. Just like the financial boys, these suits also take advantage of the admit nothing and pay to protect the business deductions so graciously granted by the feds.

While almost $10 billion is listed in recent actions every day we hear of yet another case to add to the scorecard. Welcome to the world of health care in America where even money may not get you a good deal.

Abbott $740,000,000
AstraZeneca $355,000,000
Bayer $446,300,000
Bristol Myers Squibb $965,000,000
Eli Lilly $690,000,000
Geneva Pharma $12,700,000
GlaxoSmithKline $177,500,000
Hoffmann-LaRoche $500,000,000
Johnson & Johnson $540,000,000
Merck $253,000,000
Perdue Pharma $600,000,000
Pfizer $450,000,000
Roche Holdings $693,000,000
Schering-Plough $345,500,000
Serona Labs $704,000,000
TAP Pharma $885,000,000
Warner Lambert $430,000,000
Wyeth Pharma $1,000,000,000

Total $9,787,000,000

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