http://news.yahoo.com/pharma-giant-gsk-p....

Question is what is the multiple on $3B that they made misbranding the products. I would say 3X minimum but I have no hard numbers.

Cost of doing fraud...err business, right?

Also known as the government's cut

Cape

Most of this stuff happened over 10 years ago. The industry has been cleaned up since then.

A lot of it had nothing to do with sales.

Lol, of course it's clean now. Just like the financial industry.

Ant

Trust me. Been involved in pharma for 15 years. I can't take a **** without it being documented.

The environment I work in every day is living hell. I am tested constantly, monitored for selling off label, quized by compliance to see if I only use the prescribing info to promote my product. If I get caught participating in any "red zone" behaviour then I am terminated. This industry is basically toast.

Marketing drugs will no longer exist 5 years from now.

My marketing budget was slashed 70% this year this because they don't even want us doing educational dinner programs anymore.

Armegeddon has already hit pharma.

Edge, my gf can vouch for what you are saying. She is an allergist. She actually enjoys watching the pharma reps squirm when SHE mentions using a med for something that is not FDA approved.

gsk avodart for hairloss..another big one...for prostate

Edge, cry me a ****ing river
What????? Education-Extortion dinners in the Caribbean to pedal drugs no longer allowed? Boo ****ing hoo, shill.
Trust me, I know ALL about your racket.
15 years? Pffffft.
Seriously...huge spotlight on fraud in big pharma and yet they still send wide-eyed 25-yo residents to Jamaica for "seminars"on how to prescribe their drug. Give me a ****ing break. Big pharma is only slightly less evil than big government.
But hey, look on the bright side: time to make an honest living, I guess.

Bailout says:

"Seriously...huge spotlight on fraud in big pharma and yet they still send wide-eyed 25-yo residents to Jamaica for "seminars"on how to prescribe their drug."

That is total bull****. Totally against the law because of the pharma code. This statement tells me you don't know jack **** about this industry so move along.

Residents are basically untouchable at this point because the medical schools know they are very impressionable.

The game is over and pharma was as bad as you say but unlike the banks the government has basically come in and shut us down.

Christopher Whalen just tweeted Dr. Drew received payments.

Yep. In The WSJ.

Kind of a nothingburger compared to the other charges.. Most psychiatrists were using Wellbutrin for sexual dysfunction which is what Dr Drew was pushing it for. It's standard therapy. There were plenty of docs that made way more than he did peddling meds. Docs can write off label so he did nothing wrong legally. He just looks like a greedy pig:)

GSK has lots of others issues that will be much bigger problems as the fallout of these charges continues.

TheEdge111 wrote..

The industry has been cleaned up since then.

Oh, it has?

http://www.courthousenews.com/2012/06/27....

Quote:

PHILADELPHIA (CN) - Merck has known for a decade that its mumps vaccine is "far less effective" than it tells the government, and it falsified test results and sold millions of doses of "questionable efficacy," flooding and monopolizing the market, a primary caregiver claims in a federal antitrust class action.
Alabama-based Chatom Primary Care sued Merck on Monday, the week after the unsealing of a False Claims Act complaint two relators filed in 2010.
Those relators, Stephen Krahling and Joan Wlochowski, were Merck virologists who claim in their unsealed complaint that they "witnessed firsthand the improper testing and data falsification in which Merck engaged to artificially inflate the vaccine's efficacy findings."
Krahling and Wlochowski claimed Merck's scheme caused the United States to pay "hundreds of millions of dollars for a vaccine that does not provide adequate immunization."
"As the largest single purchaser of childhood vaccines (accounting for more than 50 percent of all vaccine purchases), the United States is by far the largest financial victim of Merck's fraud," according to the 2010 False Claims Act complaint. "But the ultimate victims here are the millions of children who every year are being injected with a mumps vaccine that is not providing them with an adequate level of protection. And while this is a disease that, according to the Centers for Disease Control ('CDC'), was supposed to be eradicated by now, the failure in Merck's vaccine has allowed this disease to linger, with significant outbreaks continuing to occur."...

http://www.fiercepharma.com/story/roche-....

Quote:

Regulators visiting a Roche ($RHHBY) facility in the U.K. found a surprise lurking in the company's computer system: 80,000 uninvestigated adverse reaction reports from the U.S. The reports are on a hodgepodge of drugs made by the Swiss company and include more than 15,000 reports of deaths, with some of the notices dating back 5 years.

In a statement meant to reassure anyone taking a Roche drug, the European Medicines Agency says there is no evidence of any negative effect on patients, yet, and that no action is needed to be taken by doctors or patients. Roche is the world's largest maker of cancer drugs.

The FDA tells The Wall Street Journal that it is working with the EMA to assess the impact. In a mea culpa statement provided to Pharmalot, the company acknowledged the colossal oversight, said it understands how the news might worry consumers, and said it was working to address the mistake. It said some of the reports can be traced to a Genentech "Patient Reimbursement Program in the U.S., which were not sent to the safety department for full evaluation, hence were not reported to the health authorities according to the applicable regulation."...

The Roche issue is one that I am less worried about. They sell cancer drugs to patients who have a high tendancy to die of cancer even if they take the drugs. Those will be in the database and not drug related but disease related.

I give them the benefit of the doubt as of now but if they are committing fraud I'll be sure to give the Roche folks I collaborate with some hell.

Obseed

**** meet fan. Never said it was all cleaned up. Pharma is in the middle of a FDA hurricane so what can I say? As an industry we ****ed up and we are now paying the price.

What cracks me up is Investors are diving into these stocks as TSHTF because of the divvy's. Stupid. I would run away as fast as I could from these stocks given the regulatory environment.

Theedge111 wrote..

The industry has been cleaned up since then.

Theedge111 wrote..

Never said it was all cleaned up.

Good stuff.

Quote:

As an industry we ****ed up and we are now paying the price.

This goes way beyond a simple ****up. Your industry was/is intentionally pushing products with dangerous side effects on the public it wasn't even approved to do. That's not a ****up, that's pure unadulterated evil.

At least Wall Street only stole your money and possessions. Pharma endangers your life with the products it markets to you. And if the public wises up and doesn't want to consume the crap they're peddling, they bribe politicians to force it down your throat anyway (Gardasil, anyone?) You call that a "****up" too?

I'm sure that when Pharma decided to sponsor cruel HIV drug experiments on children at an orphanage, that was just a ****up too.

This is funny, asking The edge to admit that this **** is still going on is like trying to ask the bankers to admit the same.

When your in the industry you will do anything and everything to protect it.

Total joke.

Otc

Go **** yourself.

You are a trader. Like you add anything to society. I haven't tried to protect anything. Know the facts before you run your mouth.

It would seem that Edge is speaking about it being cleaned up from the marketing perspective, which I've heard independently numerous times here in Pharmadelphia. Why bother illegally bribing doctors when you can just market directly to patients on TV?

The fact that people (consumers) are so quick to ingest toxic chemicals instead of first trying less invasive, but higher effort, lifestyle changes is a big part of the problem.

Their evil has NO bounds...

http://www.naturalnews.com/036426_OxyCon....

Quote:

(NaturalNews) Purdue Pharma LP, the pharmaceutical company responsible for developing the highly addictive painkiller drug OxyContin (oxycodone), is so desperate to retain exclusivity on the soon-to-expire patent rights for its drug that it has decided to conduct clinical trials with OxyContin on young children. According to the Wall Street Journal (WSJ), more than 150 children between the ages of six and 16 will participate in the multi-site trial, which will be used solely to extend OxyContin's exclusive patent by a mere six months.
...
In reality, however, the FDA's six-month patent extension incentive benefits only drug companies rather than society at large. OxyContin, after all, is not even approved for use in children, and Purdue admittedly has no intention of trying to gain FDA approval for the drug's use in children. The only reason Purdue is conducting the trial is to gain the extension, which will generate for the company far more in profits than the cost of conducting the trial and filing the FDA paperwork.

Meanwhile, the test children, which will literally be used as human guinea pigs, will be exposed to a drug that has been shown to be more addictive than hard street drugs like cocaine and heroin. Individuals that take OxyContin for prolonged periods of time, especially children, are also highly susceptible to extreme withdrawal symptoms when they stop taking the drug.

Prescription opioid painkillers like OxyContin are also extremely deadly, outstripping the number of deaths caused by cocaine and heroine combined by nearly 300 percent. According to the U.S. Centers for Disease Control and Prevention (CDC), as many as 40 Americans die every single day, which translates into about 15,000 per year, as a result of overdosing on prescription painkillers like OxyContin.

Child slave labor, flammable drinking water, thieving scumbag bankers, FDA sanctioned drug pushers, what is the common thread?

"A corporation is an instrument for doing violence to the spirit of a thousand laws without running afoul of a single city ordinance" - Kurt Vonnegut

That was probably true when Vonnegut wrote it in the 70's, but now I would say it is more an instrument for obfuscating their ability to break a very central law in western jurisprudence: thou shall not steal. I was trying to explain MF Global and why Jon Corzine should be in jail to an intelligent couple with no interest in finance the other day, and I wasn't able to do so - and that is a rather straightforward case of fraud in the current environment!

Sorry if this seems like a thread jack, but the point I am driving at is that there seem like few ways of earning a living in business unsullied by evil deeds.