- Posted January 19, 2012 by
J&J and Risperdal Take Another Hit
Pharmaceutical giant Johnson & Johnson continues to be hit in the pocketbook over controversary surrounding the drug, risperdal. It is expected to be announced today a settlement with the state of Texas that will result in a $158 million judgement against one of its subsidiaries.
The company has already been hit with judgements over its marketing and claims about risperdal in the states of Louisiana and South Carolina. The company is planning to appeal both of those rulings that cost $258 million and $327 million respectively.
A lawsuit in which Texas accused Johnson & Johnson of plundering the state Medicaid program by overstating the safety of an expensive anti-psychotic drug and improperly influencing officials and doctors to push the medication has been settled for $158 million, a subsidiary of the health care giant and state officials announced Thursday.
Texas had been seeking up to $1 billion from the drug maker.
Janssen Pharmaceuticals Inc., one of the J&J subsidiaries that had been sued, said in a statement it will pay $158 million in full resolution of all claims in Texas.
The settlement represents a resolution to claims brought by Texas for alleged Medicaid overpayment during the years 1994-2008, the company said.
From the Cornfield, I see no justification for any pharmaceutical company to skew the facts about its product. Put the results and findings out there as they are.