Drugs giant Glaxosmithkline (LON:GSK) has reached an agreement in principle with the US government to settle the company’s most significant ongoing Federal government investigations. The $3 billion final settlement is expected to address civil and criminal liabilities although it remains subject to negotiation of specific terms and is expected to be finalised in 2012.
The settlement covers a investigation into GSK’s sales and marketing practices begun by the US Attorney’s office of Colorado in 2004 and later taken over by the US Attorney’s Office of Massachusetts. It also includes the US Department of Justice’s investigation of possible inappropriate use of the nominal price exception under the Medicaid Rebate Program as well as the Department of Justice’s investigation of the development and marketing of the diabetes drug, Avandia.
GSK said it had been focused on resolving the long-standing legal matters and reducing financial uncertainty for the group and that the agreement in principle was the best long-term interests of shareholders. The payments will be funded through existing cash resources. Shares in GSK dipped slightly in early trading in London to 1,354p.
Andrew Witty, GSK’s chief executive, said: “This is a significant step toward resolving difficult, long-standing matters which do not reflect the company that we are today. In recent years, we have fundamentally changed our procedures for compliance, marketing and selling in the US to ensure that we operate with high standards of integrity and that we conduct our business openly and transparently. We reiterate our full commitment to ensuring appropriate promotion of our medicines to healthcare professionals and to the standards rightly expected by the US government.”
Eli Lilly Zyprexa Olanzapine issues linger.
PTSD treatment for Veterans found ineffective.
The use of powerful antipsychotic drugs has increased in children as young as three years old. Weight gain, increases in triglyceride levels and associated risks for diabetes and cardiovascular disease. The average weight gain (adults) over the 12 week study period was the highest for Zyprexa—17 pounds. You’d be hard pressed to gain that kind of weight sport-eating your way through the holidays.One in 145 adults died in clinical trials of those taking the antipsychotic drug Zyprexa.
This was Lilly's # 1 product over $ 4 billion per year sales,moreover Lilly also make billions on drugs that treat the diabetes often that has been caused by the zyprexa!
--- Daniel Haszard Zyprexa victim activist and patient.
zyprexa-victims(dot)com
