Pfizer Chief Executive Ian Read’s total pay rose 23 percent last year, a Wall Street Journal article reports. Read’s total pay package for 2014 was $23.3 million. The pay increase comes after Pfizer’s board declared Read’s leadership last year to be “outstanding.”
Despite the board’s praise, 2014 was hardly a trouble-free year for the New York–based company. As in previous years, Lipitor lawsuits continued to accumulate against Pfizer. These Lipitor lawsuits allege that the drug, which is intended to reduce cholesterol levels, caused women to develop diabetes. Studies linking Lipitor to increased blood sugar levels began emerging as early as 2010, and in 2012 the FDA issued a warning that statins like Lipitor have been linked to diabetes.
Despite warnings from health officials and the growing number of Lipitor lawsuits, Pfizer still does not indicate that Lipitor may cause diabetes, or that the risk may be greater in women. Pfizer continues to deny liability for the health risks posed by Lipitor, which has grossed over $130 billion since its introduction in 1996. The company faces around one thousand Lipitor lawsuits, which have been combined in a multidistrict litigation.
Lipitor was not the only drug that caused Pfizer trouble in 2014. In August the company paid $35 million to 41 U.S. states and the District of Columbia in settlements over the illegal marketing of its organ transplant drug Rapamune. The drug, manufactured by Pfizer’s subsidiary company Wyeth Pharmaceuticals, was marketed to patients for uses other than that approved by the FDA for preventing rejection of kidney implants—a violation of federal law.
Pfizer faced other lawsuits over the marketing of its epilepsy drug Neurotonin. Pfizer was accused of selling the drug without the FDA’s approval and without medical support for its claimed benefits in an attempt to maximize profits. It paid $190 million in settlements in April, and another $450 million in June.
Always consult your doctor or health care provider when changing medications. If you or someone you know developed diabetes after taking Lipitor, contact the experienced pharmaceutical lawyers at Lopez McHugh. Through a free consultation, we can help you determine whether a Lipitor lawsuit or other product liability lawsuit is right for you.