Pfizer to pay $42.9 million in Compensation


Pfizer to pay $42.9 million in Compensation
It was alleged on Pfizer Inc. that it has used unfair marketing practices to promote its antibiotic Zyvox and nerve pain medicine Lyrica. The pharmaceutical giant has even agreed to pay the compensation.
The company will be paying $42.9 million to Colorado and 32 other states in the form of compensation. "This resolution concerns allegations that go back several years and Pfizer is pleased to resolve this investigation and avoid the further time and cost of litigation", said Pfizer.
It has been said that Colorado will be getting more than $1.1 million in the form of settlement. On the other hand, Indiana will receive a sum of $1.1 million. While talking about the matter, Indiana Attorney General Greg Zoeller said that they will be receiving $1.1 million out of $42.9 million settlement.
He further affirmed that it is the amount, which Pfizer will be giving them for unlawfully promoting its two drugs. However, the drug maker has refused to accept that it has committed any wrong doing. It has been providing the compensation, as it wants to wrap up the matter. Moreover, it does not want to stretch the matter as well as the amount of carrying out litigation. Colorado said that it is expected that companies will learn a lesson from the incident.

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