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-   -   $3billion fine for criminal fraud should go to research (https://www.neurotalk.org/parkinson-s-disease/172553-3billion-fine-criminal-fraud-research.html)

Bob Dawson 07-02-2012 05:03 PM

$3billion fine for criminal fraud should go to research
 
Another $3 billion that should go to medical research. The drug companies increase the prices we have to pay for our drugs, to pay their criminal fines, and that money goes to the government. The drug companies don’t lose, the government gains, we, the patients, are not even part of the calculations.
Penalties collected from Pharma should go to medical research.

…”The British drugmaker GlaxoSmithKline agreed to plead guilty to criminal charges and pay $3 billion in fines for illegally promoting the antidepressants Paxil and Wellbutrin and for failing to report safety data about the diabetes drug Avandia, federal prosecutors announced Monday.
The settlement marks the largest payment ever by a drug company, eclipsing the previous record of $2.3 billion set by Pfizer in 2009, the government said.
“Today’s multibillion-dollar settlement is unprecedented in both size and scope,” said James M. Cole, the deputy attorney general.
The initial terms of the settlement were announced in November, and GlaxoSmithKline had already set aside cash for the settlement. ..."

http://thechronicleherald.ca/busines...aud-settlement

lurkingforacure 07-02-2012 09:41 PM

what?
 
Quote:

Originally Posted by Bob Dawson (Post 893735)
Another $3 billion that should go to medical research. The drug companies increase the prices we have to pay for our drugs, to pay their criminal fines, and that money goes to the government. The drug companies don’t lose, the government gains, we, the patients, are not even part of the calculations.
Penalties collected from Pharma should go to medical research.

…”The British drugmaker GlaxoSmithKline agreed to plead guilty to criminal charges and pay $3 billion in fines for illegally promoting the antidepressants Paxil and Wellbutrin and for failing to report safety data about the diabetes drug Avandia, federal prosecutors announced Monday.
The settlement marks the largest payment ever by a drug company, eclipsing the previous record of $2.3 billion set by Pfizer in 2009, the government said.
“Today’s multibillion-dollar settlement is unprecedented in both size and scope,” said James M. Cole, the deputy attorney general.
The initial terms of the settlement were announced in November, and GlaxoSmithKline had already set aside cash for the settlement. ..."

http://thechronicleherald.ca/busines...aud-settlement

And yet they whine about not having funds for R&D?

I guess I never thought there would be a budget line item for penalties, but then, why not? Makes one wonder why they need one...unless, no, it couldn't be....could it? How could they possibly know they would need a budget for penalties associated with a drug before any penalties were actually assessed...

Bob Dawson 07-03-2012 04:30 AM

They estimate.
When Pfizer paid $2.3 billion their shares went up because they expected $4 billion

lurkingforacure 07-03-2012 07:32 AM

why would they expect penalties?
 
Quote:

Originally Posted by Bob Dawson (Post 893862)
They estimate.
When Pfizer paid $2.3 billion their shares went up because they expected $4 billion

Perhaps it's just business, but why would a company expect and anticipate being hit with penalties if they are marketing and selling a solid product? Therein lies the problem, huh :(


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