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drug company 10 articles

CVS will discontinue its sale of all tobacco products by October of 2014

CVS, a huge American drug retailing company with its own U.S. pharmacy chain, has taken a strong stance today by announcing its termination of the sale of all tobacco products in its approximately 7,600 stores. By October of this year, the business will have all stores discontinue sales of tobacco products in order to further its goal of helping people stay healthy. Despite forgoing nearly $2 billion of its annual revenue, CVS Chief Executive Larry Merlo said in a recent statement, “Put simply, the sale of tobacco products is inconsistent with our purpose.” Both consumers and investors have made positive ... Read More

Generic drug maker settles whistleblower case for $500 million

MONTGOMERY, Ala.—The Alabama Attorney General’s office announced Tuesday that it participated with other states and the federal government in a $500-million settlement with India-based generic drug manufacturer Ranbaxy to resolve civil and criminal allegations that company for years made and sold dozens of adulterated prescription drugs. The company’s willful manufacture of 26 generic prescription drugs below the U.S. Food and Drug Administration’s (FDA) standards for strength, purity, and quality resulted in fraudulent claims submitted to Alabama’s Medicaid Agency as well as other state and federal health care programs. “This settlement sends a strong message to international drug manufacturers that they ... Read More

Merck seeks approval for previously rejected combination cholesterol drug

Merck & Co. is resubmitting the drug application for its combination cholesterol-lower drug MK-0653C, which was rejected by the Food and Drug Administration (FDA) last March due to insufficient data. The experimental medication combines a generic version of the cholesterol-lowering drug Lipitor, the top-selling medication of all time, with Merck’s cholesterol med Zetia. Lipitor and Zetia work in different ways to reduce high cholesterol and thus reduce the risk of heart attack and stroke. Lipitor, also known as atorvastatin, is a member of the statin drug family, which reduce the amount of cholesterol naturally produced in the liver. Zetia reduces the ... Read More

Drug company, pharmacy named in Actos bladder cancer lawsuit

U.S. District Judge Irene Keeley ruled at a hearing Nov. 20 that an Actos bladder cancer lawsuit filed against Takeda Pharmaceuticals and a local drug store should be sent back to circuit court. Takeda had sought to have the case heard in federal court, arguing that the pharmacy had been added as an effort to destroy jurisdiction diversity. The drug company argued that pharmacies were not liable for manufacturer-provided medications they passed along to customers, and that Patterson’s Drug Store had been added as a defendant in the case because all the other defendants were out-of-state entities. “And the plaintiff ... Read More

GSK to plead guilty, pay billions for health care fraud

GlaxoSmithKline (GSK) has agreed to plead guilty and shell out $3 billion for what government officials say is the largest case of health care fraud in U.S. history. The drug company was accused of promoting two popular drugs for unapproved uses and failing to disclose important safety information on a third medication. The $3 billion fine is the largest penalty ever paid by a drug company. GSK has also agreed to be monitored by government officials for five years in an attempt to ensure the company’s compliance. Prosecutors said that from April 1998 to August 2003, GSK illegally promoted its ... Read More

More men using testosterone treatments to boost libido

Sales of testosterone drugs are skyrocketing in recent years, driving into the billions. And while the drugs help older men feel like teenagers again, some types of testosterone treatments are causing disturbing side effects for others accidentally exposed. An estimated 13.8 million men older than 45 in the United States have low levels of testosterone, which can lead to a loss in libido, a decrease in bone and muscle mass, and depression. More and more men are turning to hormone therapies to help them feel like their former selves. And they are being driven there by marketing campaigns, such as ... Read More

Abbott to pay $1.5 billion for marketing Depakote for unapproved uses

Abbott Laboratories has admitted to promoting its anti-seizure drug Depakote for uses that were not approved by the Food and Drug Administration (FDA), and has agreed to pay $1.5 billion in criminal fines and civil settlement fees. Deputy Attorney General James Cole said the settlement shows the government’s determination to “hold accountable those who commit fraud.” Depakote is approved by the FDA to treat seizures as well as bipolar disorder. However, the company was found guilty of marketing the drug for unapproved uses including as a treatment for schizophrenia, agitated dementia, and autism. Abbott admitted that it trained its sales ... Read More

FDA wants more safety data before it will approve new type 2 diabetes drugs

Takeda Pharmaceutical Co. will have to produce more evidence on the safety of two new type 2 diabetes medications, delaying even more what has been a long road to Food and Drug Administration (FDA) approval. Takeda is seeking United States marketing rights for alogliptin and alogliptin/pioglitazone for the treatment of type 2 diabetes. “Our partner Takeda has extensive Phase III data, including interim findings from a cardiovascular outcomes trial and we remain confident in the future potential of alogliptin and alogliptin/pioglitazone for the treatment of type 2 diabetes,” said June Almenoff, the company’s chief medical officer. Takeda sought approval for ... Read More

First Yaz trial will be April 30 if mediation fails

If mediation fails between Bayer and lawyers for the defendant, the first Yaz/Yasmin trial against the drug company will start on April 30. U.S. District Judge David Herndon ordered the mediation earlier this month in an attempt to settle the mounting lawsuits. But in a Jan. 10th clarification of a Dec. 31st order, he warned that if Bayer and plaintiffs don’t act in good faith, he would remand cases to districts where they began. The order held at bay nine “bellwether trials” that would have paved the way for the mass settlement of more than 10,000 lawsuits against Bayer for its ... Read More

Actos maker rolling in profits despite lawsuits questioning drug’s safety

Japanese drug maker Takeda Pharmaceutical Co., reported an 8.3 percent rise in quarterly profits last month despite new lawsuits filed by consumers who claim the company’s top-selling diabetes drug Actos caused them serious injury. Takeda booked an April-June operating profit of 116.2 billion Yen, or $1.5 billion, thanks to an increased contribution from its prescription-drugs business. Earlier this month the Food and Drug Administration (FDA) approved new warnings on the label of the type 2 diabetes drug Actos after reviewing data that showed the drug’s active ingredient, pioglitazone, may increase the risk for bladder cancer. The new safety labels recommend ... Read More