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Pfizer to Pay Record $2.3B Fine

HeadlineSep 03, 2009

The pharmaceutical giant Pfizer has agreed to a $2.3 billion fine as part of a settlement on allegations it improperly marketed thirteen of its brand-name drugs. It was Pfizer’s fourth such settlement since 2002 and the largest-ever criminal fine of any kind. Department of Health and Human Services Inspector General Dan Levinson said Pfizer will be forced to disclose drug risks as well as its payments to doctors to promote the drugs.

Dan Levinson: “Pfizer will be under an obligation to proactively identify potential risks associated with the promotion of individual products and actually implement plans to mitigate risks, so we have both internal and external compliance requirements, as well as a very robust plan, going forward, to avoid this kind of conduct from happening again.”

Despite the record-setting amount, the $2.3 billion charge amounts to less than three weeks of Pfizer’s sales.

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