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Pharmaceutical Companies–Billions of Dollars for Bad Memories

01/27/2011
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$4 billion dollars lost (at least temporarily) to fraud.

That is both astounding and just a little scary.

First, how is $4 billion defrauded from the government? Secondly, who is in a position to defraud the government out of that amount of money?

The answer to the second question is both scary and enraging: fully 50% of the fraud is being committed by “some of the largest pharmaceutical companies in the nation”!

Who? According to Forbes they include:

  • Allergan paid the government $600 milliion ot settle fraud charges against it. This involved their “forgetting” to obtain FDA approval before selling the Botox product to the public.
  • Novartis got hit for $422.5 million for illegally marketing products.
  • AstraZeneca was forced to throw $520 million back into the trough because they “forgot” they were not permitted to market an anti-psychotic drug for uses never approved by the FDA.

These violators have nothing on Pfizer, however, who was required to pay $1.2 billion back to the federal government for its improper promotion of drugs it “forgot” to get approved by the Food & Drug Administration.

What should be much more scary to we Americans is that the current legislators have been very vocal about the fact they believe that Corporate America has been unduly regulated and they are on a direct path to trying to remove those pesky regulations from the backs of corporations.

If Corporate America violates existing regulations designed to safeguard consumers, what will they do when there are no regulations?

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