Pharmaceutical Industry Described as “Criminal Group” in New Report
Published on: August 8, 2024, 4:17 PM
The American Civil Society Organization Citizen, a non-profit group with 500,000 followers and funders, released a megareport labeling the pharmaceutical industry a “criminal group.” The report details extensive evidence of health damage, corruption, and illegal drug promotion by major pharmaceutical companies.
The report highlights that the pharmaceutical industry has caused 31 years of health damage in pursuit of economic benefits. Despite this, financial sanctions against the industry remain relatively small, representing only a fraction of their net income.
The document also notes that financial transactions often involve a practice of “pay and be silent,” where companies avoid admitting guilt in exchange for financial penalties.
Key findings of the report:
Illegal drug promotion: Evidence of widespread illegal promotion of pharmaceuticals and other medical products.
Purdue Pharma: The report cites the opioid crisis as a prime example of corporate wrongdoing, pointing to a $5.5 billion settlement with the company in 2020.
* Financial sanctions: The top 35 pharmaceutical companies have paid $1.9 trillion in sanctions over the past 31 years, but this represents only a small percentage of their overall profits.
The report concludes by urging increased accountability and regulation of the pharmaceutical industry, emphasizing the need for greater transparency and responsibility for their actions.