That’s right – 2.3 BIllion.
The settlement brings an end to numerous civil and criminal filings against Pfizer and subsidiary, Upjohn, regarding the painkiller Bextra which was pulled from the market in 2005, as well as a few other drugs. As part of the settlement, the corporation will plead guilty to misbranding Bextra with the intent to defraud.
The Dept. of Justice initially brought the charges alleging that Pfizer promoted Bextra for off-label uses that were not approved by the FDA. The Department also alleged that Pfizer gave kickbacks to doctors to encourage them to prescribe Bextra (a charge that Pfizer still denies).
I’d like to believe such settlements will cause drug companies to re-think the way they rush drugs to the market and promote them to the public, but alas, much like the tobacco companies, such settlements are a small drop in the ocean. I wouldn’t be surprised if Pfizer still made a profit on Bextra despite the settlement.