The Many Problems of Bristol-Myers Squibb
Bristol-Myers Squibb seems to be running into problems left and right. With drug recalls, pending lawsuits and ill-perceived clinical trials, Bristol-Myers is facing numerous struggles in the pharmaceutical industry.
Who is Bristol-Myers Squibb?
- Bristol-Myers Squibb is a pharmaceutical company that manufactures prescription medicines in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders.
- Bristol-Myers currently ranks sixth on Fortune’s list of top pharmaceutical companies with 2012 revenues of over $21.2 billion.
The Plavix Lawsuit
Bristol-Myers and Sanofi Aventis (another pharmaceutical company) are being co-accused in a lawsuit regarding Plavix, news outlets report. Plavix, a drug designed to prevent heart attacks and strokes in patients who are at risk, has been claimed by one woman to have caused her severe intestinal bleeding. According to Mel Daris, a Seeking Alpha contributor, the allegations state that Bristol-Myers and Sanofi “were aware that the safety information was inaccurate and misleading.”
Bristol-Myers: Not a Good Investment
- According to Shankar N., another Seeking Alpha contributor, Bristol-Myers is not a good investment. Compared with other top pharmaceutical companies from 2002-2011, Bristol-Myers ranks the lowest, with a decrease of $800M in total capital expenditures – over $600M less than the second-to-last company on the list.
- Bristol-Myers also recently had to recall 10 lots of BiCNU – a chemotherapy agent used in cancer treatments.
- Bristol-Myers has also thus far hit snake eyes on its $2.5 billion investment of Inhibitex, the maker of the Hepatitis C drug – INX-189 – after it caused death and hospitalization of clinical trial participants.
Hepatitis C Clinical Trial Goes Wrong
Bristol-Myers sponsored clinical trials to study the efficacy of INX-189 – renamed by Bristol-Myers to BMS-986094 – a potential breakthrough Hepatitis C drug. The trial was halted and the development of the drug stopped after reports of severe side effects.
The details of the Hepatitis C clinical trial and its aftermath:
- Clinicaltrials.gov reports that there were 360 participants in the trial.
- 1 person died of sudden heart failure.
- 8 people were hospitalized due to heart and kidney damages – some of whom required transplants.
- Participants from the Hep C trials are coming forward, and many of these cases are currently being filed or reviewed by Thomas J. Henry.
Contact an Experienced Product Liability Attorney
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Your choice does matter. If you or a loved one has suffered serious injuries because of a recalled product, call Thomas J. Henry immediately. We are available 24/7, nights and weekends.
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