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WASHINGTON - Federal prosecutors hit Pfizer Inc. with a record-breaking $2.3 billion in fines Wednesday and called the world's largest drug maker a repeating corporate cheat for illegal drug promotions that plied doctors with free golf, massages, and resort junkets.
Announcing the penalty as a warning to all drug manufacturers, Justice Department officials said the overall settlement is the largest ever paid by a drug company for alleged violations of federal drug rules, and the $1.2 billion criminal fine is the largest ever in any U.S. criminal case. The total includes $1 billion in civil penalties and a $100 million criminal forfeiture.
In an unusual twist, the head of the Justice Department, Attorney General Eric Holder, did not participate in the record settlement, because he had represented Pfizer on these issues while in private practice.
A Pfizer subsidiary, Pharmacia and Upjohn Inc., which was acquired in 2003, has entered an agreement to plead guilty to one count of felony misbranding.
The allegations came to light thanks largely to five Pfizer employees and one Pennsylvania doctor, who will now share $102 million of the settlement money.
In financial filings in January, the company had indicated that it would pay $2.3 billion over the allegations.
...
When Pfizer originally disclosed the settlement figure, it also announced plans to acquire rival Wyeth for $68 billion. That deal, which would bolster Pfizer's position as the world's top drug maker by revenue, is expected to close before year's end.
Shares of Pfizer dropped 14 cents to $16.24 in midday trading.
I'm more worried about the doctors than Pfizer -- tell me they lost their medical licenses?
Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009
That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
You should personally boycott all pfizer products.Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009
That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
Pfizer to pay record $2.3B penalty over promotions | AP | 09/02/2009
That is a staggering sum of money for a corporation. To give an idea of just how much money that is, Pfizer's net income in 2008 was only $8.1 billion. Still, they deserve it. Bribing doctors to hoc their products constitutes a clear conflict of interest, and **** like this is a big part of why some illnesses are overtreated or mistreated.
I'm more worried about the doctors than Pfizer -- tell me they lost their medical licenses?
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