Shire CEO: Government Probes Are Normal
3 CommentsBy Ed Silverman // October 30th, 2009 // 4:04 pm
Another day, another subpoena. And the latest was sent to Shire last month by the US Department of Health and Human Services Office of Inspector General, which is working with the US Attorney in Philadelphia.
The focus of their interest is the sales and marketing practices for three ADHD drugs - Adderall XR, Daytrana and Vyvanse (see release). Specifics weren’t disclosed, but Shire has aggressively promoted Vyvanse, a follow-up to Adderall XR, which began facing generic competition last April, The Pink Sheet notes. The Vyvanse campaigns include coupons.
For its part, Shire maintains there’s no evidence of wrongoing, according to The Wall Street Journal. And Shire ceo Angus Russell is taking it all in stride. After all, many of his larger rivals are reaching settlements on a regular basis (see this). “We are a very regulated industry and it is becoming normal practice that from time to time companies of our size or bigger have inquiries from the government,” the Journal quotes him as saying. “This is an inquiry. It is very early.”
Condor
I’ll admit to being deeply disturbed that this attitude — while still clearly the minority view, in C suites around the big public co. pharma nation — is becoming increasingly common. And, increasingly openly offered as a defense of arguably unlawful activity:
“This is how our business is operated — we all do it this way — so, it’s no big deal to have the government allege we are violating the law. . . .”
This, in my estimation, is a profoundly sad fall from grace — from the early 80s when pharma was the most admired industry, and at least more completely, then — driven by good science.
Unfortunate.
Namaste
Previously Big Pharma
Not if you keep your noses clean. One by one, the Big Pharma kingpins are receiving big fines. Along with these, they admit no wrongdoing, the fines are paid by stockholders and dedicated employees and the execs walk away free. Until the execs are made to pay with personal fines and criminal charges, they will continue to pull this crap.
This industry is going to kill itself with its’ attitude that it’s ok to do wrong because we make more money that way and the fine is minimal compared to the gain. OAG, DOJ, OIG - we need real penalties for this bad behavior!!!!
Been There
He can’t be serious! These execs are clueless as to how companies that deal with people’s lives need to behave. As a doc, I find it very disturbing that pharma thinks it’s ok to push drugs where they don’t belong just because you can make more money. They bear no accountability or responsibility for their misdeeds and laugh all the way to the bank. The leeches of society! No wonder health care costs are so high and patients can’t afford their medication!