Recent reports indicate that the pharmaceutical company behind the diabetes drug Actos has lost a significant amount of market share due to lawsuits surrounding its product.
Takeda has revealed that a combination of negative publicity surrounding the possible dangers of its product as well as recent generic competition has contributed to a 46.2% decrease in sales of its blockbuster drug. By the end of the year the pharmaceutical company says it thinks sales of Actos will drop 67 percent.
It’s clear that for Takeda, the days of enormous Actos profits are over, as generic versions of the drug are now prevalent in the market and lawsuits over Actos’ side effects balloon.
The number of Actos lawsuits against Takeda is expected to reach 10,000 in the coming months, a massive number that are expected to inflict huge damage to Takeda’s bottom line. The claims focus on the dangerous side effects of Actos, including eye disease, bone fractures, congestive heart failure and bladder cancer, which can often be fatal. Hundreds of cases have recently been consolidated into a multidistrict litigation in the U.S. District Court for the Western District of Louisiana.
Despite carrying a black-box warning that the FDA requires for drugs that may pose serious or life-threatening risks, around 10 million people worldwide have taken Actos, some of which are now suffering serious health problems as a result.
Experts believe that Takeda will soon face yet another major financial blow as its 10-year study on the side effects of Actos comes to an end. Results from the study, which are expected in 2013, could be devastating and are likely to influence increased litigation at the company as problems are expected to be revealed.
Given the recent studies linking Actos to bladder cancer and blurred vision, it’s a wonder that the drug is still being marketed to patients. Attorneys at Pope McGlamry are currently taking and filing cases against manufacturers to hold them liable for distributing defective products. If you or a loved one has suffered from bladder cancer and you think that it is because of Actos, contact our Georgia product liability litigation attorneys today and schedule a free consultation.
Source: “Actos Sales Fall 46 Percent as Lawsuits Continue to Pile Up,” by Alanna Ritchie, published at DrugWatch.com.