The British pharmaceutical giant GlaxoSmithKline (GSK) has reached an agreement with 44 U.S. states and the District of Columbia to pay a fine of 105 million dollars.1 the fine at that time was $ 3 billion which set a new record for fines levied within the pharmaceutical industry.
The agreement also includes the requirement that performance bonuses to sales staff from GSK, as well as paying doctors for the promotion of drugs, are prohibited.2
According to onvista.de: 398 funds, with shares with the ISIN ‘GB0009252882’ , own shares of GlaxoSmithKline PLC in the top holdings. Among them: German Bank, BNP Paribas, UBS, BlackRock Asset Management (Germany) AG, ING.
- Gulf News: GlaxoSmithKline under in $ 105m settlement with U.S. states over marketing available. (Last checked on 06.19.2014). The dispute between the pharmaceutical company and the U.S. States is based on the illegal advertising of prescription drugs in the United States. GSK had sold three of its top-selling drugs under false pretenses and without the approval of the ‘Food and Drug Administration’. ((The Wall Street Journal: GlaxoSmithKline to Pay $ 105 Million in Multistate Settlement Available at.: http://online.wsj.com/articles/glaxosmithkline-to-pay-105-million-in-multistate-settlement-1401902256 Last checked on 6/19/2014).)
The drugs investigated are, the asthma drug Advair and two antidepressants -. Paxil and Wellbutrin. Both drugs were issued to minors, even though they had never been approved by the FDA for this use, and it has been demonstrated that these drugs resulted in an increased risk of suicide in young patients. Illinois Attorney Lisa Madigan criticized GSK for putting corporate interest over the interests of the patient.
Previously in 2012, GSK was sued in court because of its diabetes drug Avandia, in which important test results, and therefore evidence of side effects, were not disclosed. ((RepRisk: The 10 Most Controversial Companies of 2013 Available at:. Http://www.reprisk.com/marketing/wp-content/uploads/2014/04/140416-RepRisk-MCC-Report.pdf Last reviewed at 19:06 .2014. [↩]
- The Wall Street Journal: GlaxoSmithKline to Pay $ 105 Million in Multistate Settlement Available at.: http://online.wsj.com/articles/glaxosmithkline-to-pay-105-million-in-multistate-settlement-1401902256 Last checked on 19.06.2014. [↩]