Pfizer Fined a Record Amount
September 2, 2009 by Stephen Kersey
Filed under Business
Pfizer, the biopharmaceutical giant founded in 1849, has been handed a $1.2 billion criminal fine by the United States Department of Justice — a record for a criminal fine. In addition to the criminal fee, Pfizer was also hit with $1 billion in civil penalties and even more in criminal forfeiture. All told, Pfizer fines totaled approximately $2.3 billion.
Why is Pfizer in so much trouble? The U.S. Department of Justice says that Pfizer was a repeat offender of illegal drug promotions. These promotions allegedly offered vacations, golf outing and massage appointments to doctors in a not so thinly veiled attempt to influence the doctors’ prescription pills preference.
A number of very popular drugs were included in the alleged illegal marketing practices including Viagra, Lipitor and Zoloft. In total, the U.S. DOJ pointed to more than a dozen drugs.
Despite the hefty fines, Any W. Schulman of Pfizer was happy that the ordeal was over.
Said Schulman: “These agreements bring final closure to significant legal matters and help to enhance our focus on what we do best – discovering, developing and delivering innovative medicines to treat patients dealing with some of the world’s most debilitating diseases.”
Pfizer Pfined (Image: Flickr)
