Merck May Pay $700M for Schizophrenia Drug

Hundreds of pitchmen found to have blemished records

(NEWSER) - Pharmaceutical companies say they hire highly respected doctors as their white-coat sales force, peddling their drugs to other physicians. But a Pro Publica investigation has discovered that hundreds of these pitchmen have been accused of professional misconduct, been disciplined by state boards, or lacked credentials. Medical board records in the 15 most populous states revealed that more than 250 had been sanctioned, another 40 given FDA warnings for research lapses, and 20 more hit with successful malpractice lawsuits. Some have even lost their licenses. More»

9% rise, in a year of falling prices, will add $10B to drug spending

(NEWSER) - Bracing for health care reform, drug companies have been raising prices at the fastest rate in almost 20 years—even as they pledge to support Washington's goal of cutting the nation's drug bill. The pharmaceutical industry is scrambling to get the price base as high as possible before legislation to curb drug spending kicks in, critics tell the New York Times . More»

(NEWSER) - Swiss drug giant Roche has succeeded in its quest to own biotech firm Genentech outright, and will purchase the 44% of shares it does not already own for $95 each, the San Francisco Chronicle reports today. The $46.8 billion deal comes after months of haggling, wherein Roche offered as little as $86.50 for shares Genentech valued at $112. Roche pledges to maintain Genentech’s San Francisco campus. More»

Edited info could mislead those prescribing meds

(NEWSER) - Pharmaceutical companies aren't as upfront with doctors as they are with the government about their new products, a study finds. Though drug companies must provide the FDA with all of the data from clinical trials, related papers published in medical journals were found to omit info from 20% of the trials, and were often presented with a favorable twist, Wired reports. More»

Flatlining economy threatens breakthrough medical research

(NEWSER) - For the first time in years, the biotech industry is in desperate need of a lifeline, Bloomberg reports, as the economic crisis threatens to shove companies into bankruptcy and derail the development of potentially life-saving drugs. “I’m looking down the barrel of a gun,” admitted one CEO. Five such companies declared bankruptcy in the past month, and industry fundraising has dipped 54%. More»