Philadelphia, a British pharmaceutical company, sued GlaxoSmithKline by nearly 700 diabetes patients from several states in the U.S.. They claimed to experience heart problems after using Avandia, a diabetes drug produced by these companies. One of the lawyers from law firms AnapolSchwartz, Sol Weiss, who represents the state of Philadelphia has admitted flattening 189 lawsuits. Reportedly, two other lawyers also have filed a similar lawsuit at least 500.
Reuters, Wednesday (12/05/2010), Weiss said most clients had a heart attack, and some others suffered congestive heart failure or stroke. Although not mentioned the exact amount, Weiss claimed some of them died. Weiss would not disclose how much the lawsuit. But the Bloomberg news agency reveals, Glaxo has budgeted about 60 million U.S. dollars to deal with the lawsuit.
The amount is considered too small compared to liabilities which may be borne by investors if Glaxo lost the case. Morgan Stanley's investment analysts believe Glaxo is currently facing the risk worth 6 billion U.S. dollars. Avandia diabetes drug with a brand is not a superior product from Glaxo. Sales declined sharply since the controversy about drug side effects on the heart sticking in the year 2007.
Concerns about the emergence of claims for these side effects again sticking in February 2010, when two U.S. senators published a report about Avandia. July, Agency U.S. Food and Drug Administration (FDA) will hold a hearing to discuss the possibility of banning such products.
Reuters, Wednesday (12/05/2010), Weiss said most clients had a heart attack, and some others suffered congestive heart failure or stroke. Although not mentioned the exact amount, Weiss claimed some of them died. Weiss would not disclose how much the lawsuit. But the Bloomberg news agency reveals, Glaxo has budgeted about 60 million U.S. dollars to deal with the lawsuit.
The amount is considered too small compared to liabilities which may be borne by investors if Glaxo lost the case. Morgan Stanley's investment analysts believe Glaxo is currently facing the risk worth 6 billion U.S. dollars. Avandia diabetes drug with a brand is not a superior product from Glaxo. Sales declined sharply since the controversy about drug side effects on the heart sticking in the year 2007.
Concerns about the emergence of claims for these side effects again sticking in February 2010, when two U.S. senators published a report about Avandia. July, Agency U.S. Food and Drug Administration (FDA) will hold a hearing to discuss the possibility of banning such products.
