Pfizer Scandals | Dispatch Word

Pfizer Scandals

by DispatchWord

Pfizer manufactures more than 350 different pharmaceuticals. It discovered citric acid. It mass produces penicillin and vitamin C. and now Corona Vaccine.

But for all its successes, it has also seen its fair share of lawsuits and scandal. Consumers have accused Pfizer of selling defective products. The U.S. government has charged the company with health care fraud.

Pfizer agreed to pay at $2.3 billion—that’s made up of actually two parts. There’s a $1.95 billion criminal fine and there’s a $1 billion civil remedy also. Both of these are the largest ever collected by the Department of Justice. The criminal fine, the $1.95 billion, is the largest criminal fine in the history of the country. source FBI

Fortune magazine named Pfizer the world’s most admired pharmaceutical company in the world . But in 2017, a Reputation Institute report ranked Pfizer last among the top 17 drug makers for reputation.

THE DRUG AND MEDICAL DEVICE INDUSTRIES.

Big Pharma is one of the most powerful industries in the world. The global revenue for pharmaceuticals was over $1 trillion in 2014. But nowhere else in the world do the drug and medical device industries have as much power and make as much money as in the U.S.

Six of the top 10 pharmaceutical companies for 2017 have their headquarters in the U.S. These include Johnson & Johnson, Pfizer, Merck, Gilead, Amgen and AbbVie.

But only 28 percent of Americans have a good opinion of Big Pharma. In fact, Big Pharma is the second most hated industry in America. It’s right behind the tobacco industry and the oil, gas and chemical industry.

Big Pharma is also the biggest defrauder of the Federal Government under the False Claims Act, according to consumer watchdog group Public Citizen.

The industry has a history of fraud, bribery, lawsuits and scandals. Despite criminal charges and fines, Big Pharma companies continue to do business.

WHAT IS PFIZER?

Pfizer is a publicly-traded global pharmaceutical company headquartered in New York City. Its revenues reached $52.5 billion in 2017.

Pfizer makes Advil, Xanax, Depo-Provera, Neosporin, Lyrica and Dimetapp. It specializes in vaccines and cancer, heart and diabetes treatments. It also makes medicines for disorders of the endocrine (hormones) and nervous systems.

The shareholder-owned company operates in 180 countries. Its research headquarters are in Groton, Connecticut. It employs more than 96,000 people worldwide.

Pfizer is a pharmaceutical company that created many well-known drugs. Pfizer brands include Advil, Bextra, Celebrex, Diflucan, Lyrica, Robitussin and Viagra.

The Big Pharma company is also the mastermind behind many popular consumer products. Some of the company’s biggest names include Chapstick and Preparation-H. Pfizer got its start over 150 years ago. It’s come a long way, evolving from a “one-stop-shop” to a multinational corporation.

PFIZER HISTORY

German-American cousins Charles Pfizer and Charles Erhart began Pfizer in 1849. Brooklyn was Pfizer’s first home.

The company started as a manufacturer of fine chemicals. It operated out of one building. The stand-alone structure served as an office, laboratory, factory and warehouse.

As the company expanded, the headquarters moved to Manhattan in 1868. A separate warehouse opened in Chicago in 1882.

One of the company’s first successful products was Santonin, a cure for intestinal worms.

 

DID YOU KNOW?
Pfizer discovered citric acid. The organic acid is in Coca-Cola, Dr. Pepper and Pepsi.
Source: Pfizer's History

 


Pfizer was also known as the world’s top producer of vitamin C. People use the vitamin as a defense against scurvy and the common cold.

In 1952, Pfizer had moved into eight new international locations. It also established its Agricultural Division, later known as Animal Health.

Pfizer acquired several other companies over the years. Many of these companies made billions for Pfizer with their established research and drug development.

Warner-Lambert was one of these companies. It’s the original maker of Lipitor. Warner-Lambert merged with Pfizer in 2000.

Lipitor quickly grew to be the largest-selling pharmaceutical of any kind in history. It reached $9.6 billion in revenue in 2011.

 

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