Philadelphia, PAInternational pharmaceutical manufacturer GlaxoSmithKline (GSK) could face as much $6 billion in liability lawsuits stemming from Avandia side effects.
Avandia is currently at the center of more than 13,000 claims against GSK. The drug was developed to treat type 2 diabetes mellitus, but has since been linked to an increased risk of heat attack, bone fractures and liver failure. Growing concerns over harmful side effects prompted the FDA to impose a black box warning in November 2007.
In late February the Senate Finance Committee released a new report detailing its two-year investigation into Avandia. The committee pointed to official GSK reports linking the drug to more than 80,000 heart attacks in July 2007 and an official FDA report from 2008 that recommended that Avandia be taken off the market. It also noted several attempts by GSK to undermine criticisms of the medication.
The $6 billion estimate comes courtesy of global financial services company UBS, which estimated that GSK could lose between $1 billion and $6 billion, though the liability is expected to fall below the midpoint of this range, according to the report.
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