Drugmaker Pfizer Inc. will pay a record $2.3 billion fine for how it marketed Bextra and other drugs, Reuters and the Associated Press reported this morning.
The agreement, which is still under seal, is to be announced by federal officials at a press conference later today.
Reuters said it would be the biggest settlement ever involving what it called the improper marketing of prescription drugs.
Earlier this year, Pfizer said it would pay $2.3 billion over allegations it had marketed the pain reliever Bextra and possibly other products for conditions different than their approved use, but did not provide details.
The AP reported that using drugs for “off-label” purposes is not unheard of, but manufacturers are not allowed to market drugs for uses that have not been approved by the Food and Drug Administration.
Pfizer spokesman Chris Loder told AP that a $2.3 billion charge to the company’s earnings had been taken in the fourth quarter of 2008.
”No additional charge to the company’s earnings will be recorded in connection with this settlement,” he was quoted as saying.
Bextra was taken off the market in 2005 over safety concerns, Reuters said.
Previously, the largest settlement for improper marketing of prescription drugs was with Eli Lilly and Co., which earlier this year agreed to pay $1.42 billion for off-label sales of Zyprexa, which is used to treat schizophrenia.
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Why do these drug companies think that they can market drugs that are harmful? Which raises the question of the FDA and what they are doing. Is the FDA taking bribes from these companies to push their products into pharmacies, doctors offices and hospitals?
As a side note, George, you had an article on newspapers “stealing” articles from other newspapers/media. Today, I received your post on facebook, then hours later, Denver Channel 7 (www.thedenverchannel.com)posted the same.