The latest outrage against the health of humanity is the paltry fine levied against GlaxoSmithKline by our protectors, the Food and Drug Administration. The drug, Avandia, which was cited in 2007 as a potential danger, has indeed become one at the rate of around 500 heart attacks and 300 cases of heart failure per month. The fine of $2.1 billion after taxes — which may seem large to most — is less than a third of Glaxo’s annual profit.
Avandia was not banned; by a 20-12 decision it can continue to be sold to the very same segment of the population that is likely to continue harming. The fine is nothing compared to the continued profits that will result from the FDA’s current refusal to pull this killer drug off the market.
A Wall Street Journal opinion piece rejoiced and investors cheered over the decision, while the New York Times reported:
Investors cheered the news, though, as stock analysts said the action by the Federal Drug Administration was better than expected and the $2.1 billion charge set a likely ceiling on the company’s legal liabilities.
The stock rose late Wednesday after the advisory committee voted, and again Thursday after the announcement of the charge for legal issues. The stock ended the day up 2.3 percent, to $37.21 in a market that declined slightly overall and rose slightly in most other pharmaceutical stocks. Since a low point on Wednesday afternoon before the F.D.A. vote, GlaxoSmithKline stock has risen nearly 5 percent.
Investors are delighted that, assuming the F.D.A. opts only for a stronger warning, Avandia will remain on the market, Jeremy Batstone-Carr, a pharmaceutical sector analyst at Charles Stanley & Company in London, said.
The FDA has a history of choosing the profits of Big Pharma over the safety of the American people. But, hey, it’s a multi-trillion-dollar business. That’s a very long gravy train. It is a gravy train that is long enough to allow for more deaths from conventional medicine than from terrorism and illegal drugs combined. Here is a small list of of the toll:
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