Healthy Skepticism Library item: 11603

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

Publication type: news

Rost P.
Bristol-Myers Squibb: Second drug company to pay more than $1 billion in fines.
BrandweekNRx 2007 Sep 28
http://www.brandweeknrx.com/2007/09/bristol-myers-s.html

Notes:

Links not included here

Full text:

Schering-Plough was the first drug company to break the $1 billion barrier for fines paid to various government agencies. And now Bristol-Myers Squibb is following Schering’s lead.

Bristol-Myers Squibb Co. and a subsidiary have agreed to pay more than $515 million to settle federal and state investigations into their drug marketing and pricing practices, U.S. Attorney Michael Sullivan announced today.

Last year, on June 8, 2006, the Securities and Exchange Commission announced that BMS would pay $750 million which would be distributed to compensate shareholders injured by fraudulent earnings management at Bristol-Myers Squibb Company. The distribution fund included $150 million BMS paid to settle fraud charges brought by the Commission. The fund also included $300 million BMS paid to settle a related civil class action, and $300 million paid by BMS in a deferred prosecution agreement with the U.S. Attorney’s Office in New Jersey to address the company’s criminal liability.

In total, Bristol-Myers has now paid about 1.25 billion dollars in fines and restitution. Oh, did we mention FBI recently searched their offices?

Nice going.

Download BMSPressReleaseFinal.pdf

Download SettlementAgreement—FinalSignedVersion.pdf

Here is a list of aggregated fines paid by a few drug companies to the Justice Depatment, SEC and FDA over the last few years due to marketing fraud, accounting fraud, and bad manufacturing:

Company Fines and settlements (M)
Schering-Plough 1280
Bristol Myers Squibb 1265
Takeda-Abbott 875
Serono 704
GlaxoSmithKline 563
Pfizer 514
Abbot 482
AstraZeneca 355
Bayer 271
Eli Lilly 36

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Far too large a section of the treatment of disease is to-day controlled by the big manufacturing pharmacists, who have enslaved us in a plausible pseudo-science...
The blind faith which some men have in medicines illustrates too often the greatest of all human capacities - the capacity for self deception...
Some one will say, Is this all your science has to tell us? Is this the outcome of decades of good clinical work, of patient study of the disease, of anxious trial in such good faith of so many drugs? Give us back the childlike trust of the fathers in antimony and in the lancet rather than this cold nihilism. Not at all! Let us accept the truth, however unpleasant it may be, and with the death rate staring us in the face, let us not be deceived with vain fancies...
we need a stern, iconoclastic spirit which leads, not to nihilism, but to an active skepticism - not the passive skepticism, born of despair, but the active skepticism born of a knowledge that recognizes its limitations and knows full well that only in this attitude of mind can true progress be made.
- William Osler 1909