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Job cuts continued today with news of Novartis slashing 2,500 full-time positions, or about 2.5% of its work force. The Wall Street Journal health blog reports that Novartis CEO Dan Vasella forshadowed the job cuts in a recent WSJ interview stating that it was going to cut 1,260 sales jobs mostly in the United States.
You can check out the WSJ blog post here… blogs.wsj.com/health/2007/12/13/swiss-miss-novartis-cuts-jobs-amid-drug-delays-competition/
Merck issued a 2008 earnings projection that fell short of analysts’ expectations. The drug maker also will book a $670 million charge in the current quarter to resolve probes related to its marketing efforts.
Merck 2008 Projected Earnings
Health Regulation - Public Health
The government and citizens of New York State and New York City have had enough. On Monday, the state government filed a lawsuit with the State Supreme Court in regards to Vioxx, a drug that was pulled off of the shelves in 2004 due to the dangers that patients had in side effects. Those that have filed a lawsuit are stating that Mereck, the distributor of Vioxx, knew that their product, an arthritis reliever, caused heart attacks and strokes in many instances.
Other states have lined up as well for the restitution that they feel is owed back to those that were patients on Vioxx. There is a multi-million dollar lawsuit under litigation in all of these states, and the hope that the tax payers will be reimbursed is what those that have been effected as well as the state lawyers are hoping for.
Health Regulation
There is a new ADHD drug that is being reviewed by the FDA. The FDA is giving the drug a thorough investigation to make sure that there will not be any heart problems in both children and adults. Although this is a serous investigation, the end result of a positive ADHD drug that can be made available for consumption is always on the lookout from those who suffer with the disease. According to various reports, the FDA had begun its preliminary research, but had to halt the process due to financial set backs.
The FDA does, however, have every plan to reinstate the investigation process of the drug once there are additional funds that can be use for the medication. The FDA plans to research 500,000 patients who were diagnosed to take the medication. This should prove to be beneficial for study and trends.
Pharma Industry News
