Drug Industry Pays out $10 Billion in Fraud Settlements in less than 2 Years [AllGov]
October 3, 2012 Leave a comment
Jean-Pierre Garnier, CEO of GSK during its worst abuses
The rate at which the pharmaceutical industry is settling lawsuits continues to soar, with the last two years witnessing a 50% increase in payouts compared to the previous two decades.
From 1991 to 2010, drug companies forked over $20 billion to resolve various civil and criminal allegations. But in less than two years (from November 2010 to July 2012), the industry shelled out another $10 billion in settlements, according to Public Citizen, a consumer watchdog organization.
This year alone has seen more than $6 billion in deals between Big Pharma and the government. State governments have been driving many of the recent cases against drug makers, generating nearly 60% of settlements.