Bloomberg’s media outlets are running a massive piece on Pfizer, this morning.

One wonders whether (1) that will be taken into account, when the bonuses are reviewed; and (2) perhaps partly tongue-in-cheek, wheter “Hizzoner” was upset that Pfizer donated to Thompson, in the 2009 mayoral election-cycle, and did so early.

Heh.

Namaste

So, I’ll admit that it made me wonder whether Jeff Kindler supported Mr. Bloomberg’s opponent, last Tuesday. Heh. Answer, by clicking the NYC Campaign Finance Badge, at right I’ll go look. [Or perhaps, now that he has been re-elected, the gloves come off, even if Kindler and Pfizer supported his mayoral candidacy.] In any event, while this long and devastating article breaks very little “new” ground, it does collect — in one place — most of the manifold evils of blockbuster off-label promotion, as it was practiced in the early part of the decade.

It also makes plain the calculus at least some upper-level managers silently made: “Will the fine be larger than the increase in profitability, from selling off-label?” And usually, the answer to that question was clearly “no” — so off-label they went.

What the article doesn’t do — as good as it is — is explain that the center-piece of the largest criminal fine ever paid for off-label promotion was actually presided over by Fred Hassan and Carrie Smith Cox (see mine on it, there). Both were most-recently in charge at Schering-Plough — but back then, the pair was leading Pharmacia’s efforts to bring Bextra to market, and turn it into a blockbuster (before they sold the company, that is — “lock, stock and barrel” — to Pfizer):

. . . .Pfizer bought Pharmacia & Upjohn (P&U) in April 2003. From 2001 to the end of 2003, P&U, first as an independent company and then as a unit of Pfizer, paid physicians more than $5 million in cash to lure them to resorts, where salespeople illegally pitched off-label uses for Bextra, P&U admitted in its Sept. 2 guilty plea.

Golf, Massages

“Pharmacia paid targeted physicians both airfare and two to three days’ accommodations at lavish resorts in the Bahamas, Virgin Islands and across the United States and further entertained these physicians with golf, massages and other recreation activities,” according to prosecutors’ findings.

In her guilty plea, Holloway said her team had solicited hospitals to create protocols to buy Bextra for the unapproved purpose of acute pain relief. Her representatives didn’t mention the increased risk of heart attacks in their marketing.

They told doctors that side effects were no worse than those of a sugar pill, Holloway admitted in her guilty plea. . . .

Actually, heart attacks were among the side-effects. And Pfizer pulled the drug from the market in 2005, after being asked to do so by FDA. Do go read it all, but don’t forget that Hassan and Cox were clearly in charge here, when the drug launched, and undoubtedly had a hand in overseeing all the messaging for this drug.

Was there “a wink and a nod“, about off label pain relief, from the pair? We don’t know. [And don't misunderstand, Pfizer is culpable here, too -- as it plainly learned of all of this -- in its acquisition due-diligence, and chose to continue the practices.]

What we do know, now seven years later, is that the above seems to fit a pattern, for the pair — Hassan and Cox. A pattern seen previously at Pharmacia — in Celebrex marketing (and unfavorable study-results delay and minimization), and of course, in Vytorin/Zetia, most recently (unfavorable study results delay, and minimization). But this whole blog — some 970 posts of it — tells that story.”>a truly-massive story, this morning — one detailing the history of Pfizer’s various record-breaking criminal pleas, and fines.

One wonders whether (1) that will be taken into account, when the bonuses are reviewed; and (2) perhaps partly tongue-in-cheek, wheter Hizzoner was upset that Pfizer donated to Thompson, in the 2009 mayoral election-cycle, and did so early.

Heh.

Namaste

;-/

Harry Reid and the Blenders!

Seriously, it is the price negotiation feature in BOTH the House and Senate versions that will very-likely bite both phrama and med. device makers profits.

Namaste

Anyone got the story?

So, we have to save the company at any cost, which includes firing all the underpaid domestic grunts and hiring even lower paid grunts in Asia. Whatever happened to corporate social responsibility and ‘our people ARE the company’?
(The other big pharma are doing exactly the same thing, and actually started earlier, just more quietly; 2.3B dollars more quietly!)

Until American citizens wake up and tell ‘them’ that ‘their’ rules stink, the million dollar boobies will continue to take home the loot (That is what it is, because ‘they’ are robbing their companies blind, right?) I wonder when the stockholders will notice, or are they being paid off? Probably worth investigating.

The USA is becoming the most dysfunctional, least civilised country in the world.
Thought:
Perhaps this is just the next phase of the al Quaida plan to destroy the ‘evil’ USA; all the major shareholders in big pharma are arab oil billionaires and the obscenely overpaid (only peanuts in the ‘grand design’) COOs are just their lackeys. The Iraq and Afghan nonsense is just a smokescreen; they are really and actually sticking it to us via our own corrupt systems, greed, and hypocrisy.

Then, Pfizer “termed out” the bridge financing — with corporte debt. But again, without the (TARP-funded) banks’ putting up bridge commitments — there would have been NO DEAL. From the SEC Rule 424 prospectus, issued on the deal:

“. . . .In connection with the merger, on March 12, 2009, Pfizer entered into a bridge loan agreement with JPMorgan Chase Bank, N.A. as administrative agent. The bridge loan agreement had a term of 364 days and provided Pfizer with unsecured financing in an aggregate principal amount of up to $22.5 billion. On March 24, 2009, in connection with its financing of the merger, Pfizer issued $13.5 billion of senior unsecured notes in a public offering. On June 3, 2009, in connection with its financing of the merger, Pfizer issued €5.85 billion and £1.50 billion of senior unsecured notes (totaling approximately $10.5 billion) in a private placement pursuant to Regulation S of the Securities Act. Due to the issuance of the senior unsecured notes, as of June 3, 2009, the commitments under the bridge loan agreement have been replaced with the proceeds obtained by Pfizer through the issuance of the senior unsecured notes, and the bridge loan agreement has been terminated. . . .”

Namaste — to you both!

PS: Nathan is right, the Wyeth CEO role ($50 million) here, is very much like the Schering CEO role ($170 million), in the “Merck-ified” deal — all to kill a compnay.