Pfizer Inc. on Tuesday said it will pay $90 million to settle allegations it illegally and illegally dispensed prescription drug Viagra in a transaction it said was anticompetitive and unlawful.
The Pfizer-led transaction involved Pfizer Inc. and a company called "Vicodin," the pharmaceutical giant that makes Viagra, which is sold by a variety of medical and consumer-oriented businesses.
Viagra is a prescription-only drug for the treatment of erectile dysfunction. It is not recommended for women, children or elderly people.
Pfizer said it had no evidence that the transaction violated state antitrust laws, and that it had not paid $90 million in punitive damages.
"Viagra was purchased with a payment that was not part of any transaction that was illegal," said Charles D. Roach, a spokesman for Pfizer. "It is a clear violation of state antitrust laws. We will vigorously defend this matter vigorously against any adverse actions by Pfizer."
The Pfizer-led transaction involved Pfizer and its affiliated company, Pfizer Inc., who was a major player in the global pharmaceutical market. Pfizer's U. S. operations include about 100 stores across the country, including the convenience stores in New York and Chicago.
Pfizer also had an agreement with an overseas subsidiary of India to sell Viagra for about $8 million. The latter sale would have included the sale of Pfizer's subsidiary's products.
"Pfizer is in the process of filing a lawsuit against Pfizer," said Jeffrey Kindler, a Pfizer spokesman.
On Monday, Pfizer announced it would pay $90 million to resolve the matter.
The settlement is the largest in Pfizer's history.
"This settlement resolves allegations that Pfizer engaged in anticompetitive conduct to encourage sales of Viagra and other pharmaceutical products in violation of state and federal laws, including state and federal antitrust laws," Pfizer said in a statement.
It will be paid by Pfizer to resolve the matter, and its share of the damages will be distributed to Pfizer shareholders, according to the company.
In addition, Pfizer said it will seek compensation from its shareholders, including those who received the settlement payments.
It is not clear how much it will receive, but the company is scheduled to pay $90 million in a multistate civil settlement. Pfizer has not yet made a decision on what course of action it will take, however.
--Photo credit:Pfizer said it will continue to promote, and market and sell, its products in a variety of countries around the world, including Canada and Australia. Pfizer's operations in that country are not yet operational.
Pfizer said it has not received any payments from companies that have been granted the exclusive right to sell Viagra and its other pharmaceuticals in that country.
Pfizer is not the only company affected by the settlement.
Pfizer said it has been collecting and processing the payment from U. pharmacies in the United States. Pfizer said it has received payments of more than $90 million for the sale of Viagra in the United States.
The company said Pfizer will pay the $90 million it received in settlements of the matter.
In addition, Pfizer said it has reached a settlement with Australia's health insurer that will resolve the matter.
Pfizer is in the process of filing a lawsuit against a U. company to resolve the matter.
Pfizer said it is aware of the matter and will respond to it. Pfizer is working with U. attorneys in Australia and New Zealand to prepare a settlement agreement.
Pfizer said it is in the process of filing a lawsuit against a U.
Viagra has been shown to cause some mild side effects. Talk to your health care provider if these do not go away within a few days. If you begin to experience more serious reactions, seek medical attention immediately.
Common side effects reported from Viagra use include:
More severe side effects include:
If you experience any of these side effects, seek medical attention immediately. These are symptoms of a severe adverse reaction to this medication that require immediate treatment.
As with all prescription medications, inform your doctor of any medical conditions you currently manage. Tell them about any and all medications, prescription drugs, and supplements you are taking before starting treatment with Viagra. Viagra can interact with bodily substances, causing potentially serious adverse reactions.
Specifically, you should inform your health care provider of any nitrate medication you are taking. Remember to mention any herbal products you use, especially St. John’s wort.
In addition, let your doctor know if you have recently had heart surgery or experience chest pain during sex. If you experience any changes in your heartbeat or chest pain during sex, contact your health care provider immediately.
Show More Nov 30 at www. NCL.gov/Viagra.http://www.ncbi.nlm.nih.gov/books/tab-IDENTITY/NON-BREF-ORDER-SILVER/View‐SNP-ORDER.html://www.ncbi.nlm.nih.gov/research/kempt/kempt_ browser.5194See also:©2018 NCL.gov
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Viagra has been shown to cause some mild side effects. Talk to your health care provider if these do not go away within a few days. If you begin to experience more serious reactions, seek medical attention immediately.
Common side effects reported from Viagra use include:
More severe side effects include:
If you experience any of these side effects, seek medical attention immediately. These are symptoms of a severe adverse reaction to this medication that require immediate treatment.
As with all prescription medications, inform your doctor of any medical conditions you currently manage. Tell them about any and all medications, prescription drugs, and supplements you are taking before starting treatment with Viagra. Viagra can interact with bodily substances, causing potentially serious adverse reactions.
Specifically, you should inform your health care provider of any nitrate medication you are taking. Remember to mention any herbal products you use, especially St. John’s wort.
In addition, let your doctor know if you have recently had heart surgery or experience chest pain during sex. If you experience any changes in your heartbeat or chest pain during sex, contact your health care provider immediately.
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