Sunday, 30 September 2007

Bristol-Myers Squibb Finalizes Settlement of Previously Disclosed Federal Investigation into Pricing, Sales and Marketing Practices

Snappy title. I decided that it was all humorous, so I've posted the press release, in full.

I was discussing the concept of Chomsky's foregrounded elements with one of my colleagues, recently. Very briefly, this term refers to a turn of phrase that signals the lie behind a given statement. I would like to bring to your attention "relating to the company's U.S. pharmaceuticals business," and suggest that this is such a foregrounded element: the suggestion being that in other parts of the world Squibb is going to carry on doing just what it's been doing. Or, perhaps, it means that it is only in the US that Squibb has been paying doctors to prescribe its drugs. Who knows?

Anyway, I'm going to send this to Laura Hortas (email at the bottom of the press release) and the One of the Four, in order that Squibb can fully understand the extent to which it, and others, have undermined any trust that might have been invested in the Worshipful Company. And the extent to which it (the Worshipful Company) is now regarded with almost complete contempt. To the extent that it gives a shit, of course.

NEW YORK, Sept. 28 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company (NYSE: BMY) announced today that it has finalized a civil settlement agreement with the United States Department of Justice ("DOJ") and the Office of the United States Attorney for the District of Massachusetts resolving the previously disclosed investigations that began several years ago involving the company's drug pricing, and sales and marketing activities. The company announced in December 2006 that an agreement in principle had been reached. In connection with the settlement, the company has entered into a five-year corporate integrity agreement with the Office of the Inspector General of the Department of Health and Human Services ("OIG") that provides for, among other obligations, the continued development and maintenance of the company's compliance programs relating to the company's U.S. pharmaceuticals business.

As previously announced, the agreement provides for a civil resolution and payment of $499 million, the full amount of which has been reserved. There are no criminal charges against the company. The agreement will not affect the company's ongoing business with any customers, including the government.

Bristol-Myers Squibb is pleased to have resolved these matters from the past and is proud of its commitment to conduct business with the highest standards of integrity in its mission to extend and enhance human life.

Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.

SOURCE: Bristol-Myers Squibb Company

CONTACT: Media, Jeff Macdonald, Communications, +1-212-546-4824,, or Laura Hortas, Communications, +1-609-252-4587,, or Investors, John Elicker, Investor Relations,
+1-212-546-3775, all of Bristol-Myers Squibb Company

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