Free Submission Public Relations & NewsPR-inside.com
 
DeutschEnglish

Get the latest news
with our RSS feed
rss feed
Add to My Yahoo!
More information
Finance

Newsletter to J&J Shareholders Highlights Potential Financial Troubles


Print article Print article
Refer this article Refer to a friend
2007-03-20 02:30:54 -

PHILADELPHIA, March 19 /PRNewswire-USNewswire/ -- Local 32BJ today issued the first in a series of newsletters detailing concerns about a court case that charges Johnson & Johnson (J&J) and other drug companies with deceptive drug pricing. The newsletter, which has been mailed to thousands of shareholders in advance of their annual meeting in April, also discussed safety concerns with Remicade, a biologic produced by J&J subsidiary Centocor. The content of the newsletter can be viewed online at http://www.centocorwatch.org/.

The plaintiffs in the court case about drug pricing charge J&J and

others with using pricing and marketing practices that lead to excessive reimbursements by Medicare, private insurers, and patients. In documents filed in connection with the case, J&J admitted to publishing "average wholesale prices" that are above the real cost of medications.

The newsletter informs readers that, "Ending these higher payments, coupled with greater awareness of the safety concerns about Remicade, could significantly impact Johnson & Johnson's bottom line."

On February 21, representatives from Local 32BJ distributed information about the class action suit against J&J outside of the movie premier of the film INNERSTATE, a 'documentary' produced by Centocor that follows the lives of three patients affected by diseases treatable by Remicade.

Remicade, which generated $3 billion in revenues for J&J last year, also faces scrutiny over safety concerns. Due to increased risk of infections and cancer, the U.S. Food and Drug Administration has issued two black box warnings for Remicade -- its strongest safety warning. Humira, a comparable drug produced by J&J's competitor Abbott, carries only one black box warning, while Enbrel, produced by Amgem, carries no black box warning.

Future 32BJ publications may include a mailing to physicians about Remicade.

With 85,000 members in six states, SEIU Local 32BJ is the largest property service workers union in the country.

Source: SEIU

© PRNewswire

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.


Terms & Conditions | Privacy | About us | Contact PR-inside.com