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drug_recall drug_companyBristol-Myers Squibb
Bristol-Myers Squibb, headquartered in New York City, is one of the world''s largest pharmaceutical corporations. The current incarnation of BMS was formed in a 1989 merger between Bristol-Myers Company and Squibb Corporation. Their primary offices are in New York, New Jersey, Connecticut, Ireland and other countries throughout the world.
The company employs around 43,000 people and has annual global sales of almost $20 billion.
In 2000 Bristol-Myers Squibb failed in getting its hypertension drug Vanlev passed after much hyping by the company. In 2002 the company conceded that Vanlev was not more effective than other hypertension drugs, as previously touted.
In 2001 BMS partnered with company ImClone, paying them $2 billion to develop their cancer drug Erbitux and buying a 20% stake in the company. In December of 2001 the FDA rejected Erbitux. A stock price drop revealed a company scandal and ImClone''s CEO Samuel Waksal, was sentenced to seven years in prison. Waksal''s high-profile friend, Martha Stewart, was also sentenced to prison.
In 2002 BMS was implicated in an accounting scandal stemming from allegations that the company misstated revenue earned from 1999-2001. BMS later restated earnings and settled with the Justice Department and Securities and Exchange Commission.
In 2003, BMS and the FTC reached a settlement about the drug company''s antitrust operations relating to its drugs Taxol, Platinol and BuSpar. The FTC had complained that BMS was illegally keeping the patent and other systems on these medications, costing US consumers hundreds of millions per year.
Under terms of the settlement, BMS will reimburse patients who had taken and paid for Taxol and hospitals that had sold the drug. The settlement applies to all 50 US states and also US territories.
Notable Drugs include:
Serzone (nefazodone HCl) – Serzone is an antidepressant medication. In 2003 Serzone was banned in several countries (but not the US) after it was discovered that the drug was linked to liver injuries, which could necessitate transplant. Serzone is linked to over 21 deaths in the US and was finally banned in 2004 following several complaints by the consumer watch group Public Citizen. Several generic versions of nefazodone are still being used, however.
In 2002 the FDA issued an error report after several instances of confusion, mislabeling, and error between Serzone and the anti-psychotic medication, Seroquel, occurred.
In 2005 the FDA issued a warning to people who were prescribed nefazodone after side effects, such as suicidal ideation, were discovered in young people.
If you have experienced side effects, please contact a Serzone lawyer to learn more about your legal rights.
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