Pfizer Inc’s Jeffrey Kindler stood before the Boston Chief Executives’ Club in December and told his fellow CEOs about how corporate America must change in order to earn back people’s trust. Kindler, the head of the world’s largest drug company, admitted that Pfizer has “made mistakes.” And he said it had paid “a very significant fine” last summer because of them.
To be exact, Pfizer paid a record $2.3 billion settlement and criminal fine. The government said the company illegally sold and promoted four drugs, most notably the painkiller Bextra, for unapproved uses. During the government’s investigation, the Food and Drug Administration asked Pfizer to remove Bextra from the market in 2005 because it increased the risk of heart attacks, strokes, and death. Pfizer didn’t admit any wrongdoing, but a subsidiary pleaded guilty to a felony charge of misbranding Bextra with the intent to defraud.
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