.png)
We are delighted to announce the publication of a new article on our partner platform the Corporate Social Responsibility and Business Ethics Blog authored by Cleander Yu and entitled "Pfizer/Flynn medicine monopoly and the NHS: A corporate exploitation of public resources in the United Kingdom?"
The article explores a story of corporate exploitation of public resources by the pharmaceutical industry that occurred in the United Kingdom, which in July 2022 led to a fine of £63 million and £6 million imposed by the Competition and Markets Authority (CMA) on Pfizer and Flynn respectively.
In 2012, Pfizer and Flynn suddenly raised the price of the #Phenytoin Sodium life-saving drug by 2387%, increasing the cost of 100mg packs from £2.21 to £54.87. As a result, NHS expenditure increased up to £50 million in 2013 alone. Such a situation lasted for eight years. The operation was carried out by exploiting a loophole in the United Kingdom regulation for setting up the price of drugs consisting of de-branding Phenytoin Sodium. The case eventually led to an investigation conducted by the UK Competition and Markets Authority (CMA), which resulted in years of litigation and appeals. Eventually, in July 2022, the CMA imposed a final fine on the pharmaceutical companies.
Access the article on the Corporate Social Responsibility and Business Ethics Blog here:
UK Government Press Release of July 21, 2022: https://www.gov.uk/government/news/70-million-in-fines-for-pharma-firms-that-overcharged-nhs
Download the decision of the UK Court of Appeal (2020):
#businessethics #competition #medicine #nhs #pharmaceutical #pharmaceuticalindustry #markets #unitedkingdom #Pfizer #Flynn #Phenytoin #price #market #marketabuse #dominant #position #dominance #exploitation #bigpharma #corporate #corporations #business #monopoly #uk #unitedkingdom #industrial #industry #abuse #power #corporatepower
Opmerkingen