GlaxoSmithKline Sets Aside $3.4 Billion For Avandia Suits
GlaxoSmithKline, the British drug maker, will put aside $3.4 billion to pay for additional product liability charges over its drug Avandia. This amount is expected to be more than the company’s fourth-quarter profits, reports The New York Times.
The additional $3.4 billion is due to “substantial” new claims received since last summer, according to the newspaper report.
Last summer the company spent $2.36 billion to settle about 10,000 of the 13,000 Avandia product liability lawsuits and investigations in the U.S. over its antidepressant drug, Paxil. Avandia was once the world’s top-selling diabetes medication. However, a 2007 analysis linked it with a 43 percent increase in the risk of heart attacks, and sales of the drug dropped sharply.
In September, 2010, the FDA announced new restrictions on the drug’s use, but the government has not yet officially put those restrictions in place, according to the NYT article.
If you are a diabetic who has been prescribed Avandia to control your symptoms, take note — you may be at an increased risk for a heart attack or other ailments.
At Munley Law, our goal is to provide exceptional legal services to our clients in product liability cases. We strive to achieve the highest standard of excellence for the protection of individual rights through teamwork and the use of our considerable resources and experience. For a free consultation regarding your legal concerns, contact us today.
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Posted in Product Liability & Recalls.
Tagged Dangerous Drugs