Pfizer to Pay $894 Million to Settle Drug Lawsuits
In keeping up with the latest news on drug companies and their pain killers, here is the latest on Pfizer.
(Bloomberg) — Pfizer Inc. will pay $894 million to resolve most legal claims that its painkillers Celebrex and Bextra caused heart attacks and strokes.
Pfizer will pay $745 million to settle 90 percent of the suits claiming injuries from the products. The remainder will go to end class-action consumer fraud lawsuits and charges of inappropriate marketing by 33 states and the District of Columbia, New York-based Pfizer said today in a statement.
Pfizer, the world’s biggest drugmaker, was being sued over allegations that Celebrex and Bextra increased the risk of heart attacks or strokes after a similar pill, Merck & Co.’s Vioxx, was pulled from the market over the same side effects in 2004. Celebrex is still sold, generating $2.3 billion for Pfizer last year, while Bextra was recalled over a rare skin condition in 2005. Pfizer will book the settlement amount in its third-quarter earnings scheduled to be reported Oct. 21.
“Anytime that you have an opportunity to resolve litigation, which is inevitably something that creates uncertainty, in terms that make sense for the people and corporation, it is a good thing to do,” Amy Schulman, Pfizer’s general counsel, said in a telephone interview. “Given the stage we were at and events that have transpired, this seemed like an appropriate time to reach a resolution of the various matters.”
The reason this is important to medical marijuana patients or advocates, or caregiver, is that cannabis has often been used as a pain killer, and it does not have these types of side effects. One has every right to question the safety of these drug companies.
The article goes on to say…
Pfizer acquired Celebrex and Bextra as part of its more than $60 billion acquisition of Pharmacia Corp. in 2003. Bextra, Celebrex, and Vioxx are part of a class of medicines called non- steroidal anti-inflammatory drugs, which also include ibuprofen and naproxen. U.S. regulators have warned that these drugs may increase the risk of heart attack and stroke.
Pfizer said there is no evidence that Celebrex, when taken at lower doses, poses a risk to the heart. Patients taking the biggest Celebrex dose of 400 milligrams twice a day tripled their chance of a heart attack or stroke, compared with people taking a placebo, according to a study presented in March at the American College of Cardiology meeting.
A more definitive assessment of Celebrex risks won’t come until 2010 or 2011, when a $100 million study of 20,000 patients comparing Celebrex with the pain pills ibuprofen and naproxen is expected to be completed by the Cleveland Clinic in Ohio.
Pfizer said the settlements include $60 million to 33 states and Washington, D.C., over alleged illegal promotion of Bextra and $89 million for consumer fraud lawsuits.
I hope people educate themselves on the safety of the “medicine” they are taking, to find out if it may affect their own health. When we see lawsuits like this being settled, one has to wonder, what is going on?
We need to start thinking more clearly on medical marijuana, and promoting the safe medicinal use of cannabis.