Post by Admin Tyler on Jan 26, 2006 22:30:42 GMT -5
MSNBC: ELI LILLY ANNOUNCES RECALL OF CIALIS
$1.1 Billion Drug Recall Sends Shareholders Scrambling
Eli Lilly's shareholders' stock fell 18% today following a major announcement concerning the recall of the prescription drug Cialis. Cialis is a popular competitor of Viagra, both of which are drugs prescribed to treat erectile dysfunction.
Following a series of three independent studies investigating the incidence of fatalities associated with the drug, researchers found that there was a significant increased risk of congestive heart failure in patients who use this drug. The announcement was a shock for the pharmaceutical industry due to the fact that Cialis has been on the market for over 5 years and reported over a $1.1 billion in sales in 2008. Eli Lilly issued a voluntary recall following the release of the results of the study.
Vioxx holds the record for being the largest drug recall ever. Its manufacturer, Merck, achieved $2.5 billion in sales in a single year before the recall.
A leading consumer rights advocacy group stated, "It is hard to believe that this drug has been on the market for this long and a problem like this has gone unchecked. This is clearly a failure on the behalf of the FDA to effectively screen drugs that are killing Americans."
In a written statement, an industry spokesman responded by saying, "While all concerns regarding this drug are certainly noteworthy, recalls like this happen all of the time. It is a long and tedious process detecting problems of this nature, and one should not be quick to rush to judgement regarding these findings. As for Eli Lilly, they are fully cooperating with the FDA and should be applauded for voluntary removing the product from the market."
Addendum from the Editor: This is not the first time Cialis has had undergone a voluntary recall. In the summer of 2005, Cialis underwent a similar recall for vision impairment by its users. An FDA approved label change allowed the drug to be placed onto the market again.
$1.1 Billion Drug Recall Sends Shareholders Scrambling
Eli Lilly's shareholders' stock fell 18% today following a major announcement concerning the recall of the prescription drug Cialis. Cialis is a popular competitor of Viagra, both of which are drugs prescribed to treat erectile dysfunction.
Following a series of three independent studies investigating the incidence of fatalities associated with the drug, researchers found that there was a significant increased risk of congestive heart failure in patients who use this drug. The announcement was a shock for the pharmaceutical industry due to the fact that Cialis has been on the market for over 5 years and reported over a $1.1 billion in sales in 2008. Eli Lilly issued a voluntary recall following the release of the results of the study.
Vioxx holds the record for being the largest drug recall ever. Its manufacturer, Merck, achieved $2.5 billion in sales in a single year before the recall.
A leading consumer rights advocacy group stated, "It is hard to believe that this drug has been on the market for this long and a problem like this has gone unchecked. This is clearly a failure on the behalf of the FDA to effectively screen drugs that are killing Americans."
In a written statement, an industry spokesman responded by saying, "While all concerns regarding this drug are certainly noteworthy, recalls like this happen all of the time. It is a long and tedious process detecting problems of this nature, and one should not be quick to rush to judgement regarding these findings. As for Eli Lilly, they are fully cooperating with the FDA and should be applauded for voluntary removing the product from the market."
Addendum from the Editor: This is not the first time Cialis has had undergone a voluntary recall. In the summer of 2005, Cialis underwent a similar recall for vision impairment by its users. An FDA approved label change allowed the drug to be placed onto the market again.