-October 30, 2007
Some of the world’s top pharmaceutical companies are currently experimenting with new technologies in hopes of preventing phony drugs from hitting the market and harming consumers.
This experimentation and concern comes four years after the discovery that the counterfeit drug, Lipitor, caused the largest drug recall in U.S. history.
Fake Medicine Equals Big Business
According to recent reports, fake medicines are a $32 billion global business.
However, drugmakers are now better researching and analyzing the authenticity and purity of the bulk chemicals that are used as raw materials being imported from India and China.
Ernst & Young claims that importers like India and China are to blame for the string of tainted products that have been sold in the past few months in the U.S.
The FDA Investigates
Jeff Steinberg, a senior pharmaceutical analyst for Ernst & Young, and his team recently took a trip to Asia to prepare a report about counterfeiting for one of their largest clients.
Steinberg claims that once they were in Asia, it didn’t take long to see how enormous the issue really is.
“People were selling fake Viagra on the street. It’s unbelievable,” explained Steinberg. “The statistics keep getting bigger and bigger. It’s got people thinking this is really a huge issue.”
Company Confronts Counterfeit Drugs
The counterfeit drug issue came to light for one major pharmaceutical company, Johnson & Johnson when phony diabetes test strips hit the shelves of pharmacies across the country under their name.
Earlier this month, Johnson & Johnson revealed that a ring operating out of China was responsible for one million fake OneTouch Test Strips.
(Source: Mass Live)
Have you been harmed by a fake medication? Contact us to speak with an experienced attorney who will enable you to get the legal guidance you need to pursue a case and receive compensation.
