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Friday, July 6, 2012

How to Break the Law and Get Away with It


Here is the simple answer, work for GlaxoSmithKline. This may not seem obvious; they just made the largest settlement for evils done in marketing certain prescription drugs from the late 1990s to the mid 2000s. They got socked for $3 billion. Wow, but considering they made $27.5 billion on the drugs (3 different antidepressants), it seems like small change.



The problem was promoting these drugs to kids under 18 when they are meant only for adults but marketing them for unintended purposes; supposed sexual dysfunction will get you the bucks every time. Now the stockholders are the ones who get stuck with the bill.

No executive is charged with any crime though these are criminal charges. They did agree to take back the bonuses of those executives who participated in the crime, but of course, no wrong doing is admitted by anyone.



Now they are not the only pharmaceutical company that does this or gets caught, but they are typical.

Before 1977 the FDA banned such advertising that gets these companies from getting in trouble by lying, cheating and being basically immoral. Seems like a good idea ~ oh yes, this is the age of deregulation.

Now as for those doctors who get perks from these companies…

Thanks again Robert Reich

Here is GSK integrity statement:

Integrity in Action

We’re in a complicated business, the business of health. That comes - rightly - with a lot of regulation, emotion, and risk.
We strive for openness, respect, integrity, and a clear focus on the best interests of patients in all that we do. These values center us - as a company and as individuals - to ensure that we appropriately research, develop, manufacture, and promote our products to the healthcare professionals and consumers we serve. 
We develop our medicines, vaccines, and over-the-counter products using rigorous scientific methods. When bringing those medicines to market, we follow policies and procedures that often have higher standards than federal regulations require.  
Bringing medicines to patients is a complicated process, so we’ve broken it down.

4 comments:

  1. I caught the TV clip of the executive sales meeting of Glaxo from a couple years back.
    "Who wants to be a millionaire?"..the guy on the stage had a regular tent revival atmosphere.
    ..and we are to think they spend their funds on
    serious research. From Science Daily-
    "U.S. pharmaceutical industry spent 24.4% of the sales dollar on promotion, versus 13.4% for research and development,"

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  2. A good argument for more regulation and government intervention.

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    Replies
    1. ..the regs seem to work in Canada. You know how many people go there for a break in prescription
      drugs?

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  3. As I am for free trade (I.e. fair trade) I favor lifting restrictions against importing the much-cheaper drugs from Canada to the US.

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