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Healthy Skepticism Library item: 17221

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

Teva settles US drug pricing lawsuits
Pharma Times 2010 Feb 8
http://www.pharmatimes.com/WorldNews/article.aspx?id=17347


Full text:

Teva Pharmaceutical Industries is the latest drugmaker to have settled lawsuits in the USA related to inflated prices for its medicines.

The Israeli firm says it has reached a settlement in principle to resolve claims brought on behalf of the USA, Texas, Florida, and California that relate to drug price reporting by pharmaceutical firms (including Teva) in about 15 states. The cases, which are pending in federal and state courts, allege that prices reported by companies caused governments to pay inflated reimbursements for drugs under Medicaid or other programmes.

Teva denies the allegations but notes that settling will “eliminate the majority of the alleged damages” asserted against the company in the various drug pricing litigations. As a result, the firm will record a charge of some $315 million in its fourth quarter results.

The company said that the charge includes both the settlement and a reserve for the remaining drug pricing lawsuits but did not specify how much the settlement sum is.

 

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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