Posts Tagged ‘drug recall’

Possible Criminal Investigation For Tylenol Maker

Possible Criminal Investigation For Tylenol Maker

tylenol By Alice Park, courtesy of TIME 

Things just seem to be getting worse for Johnson & Johnson and one of its branches, McNeil Consumer Healthcare. After a routine inspection by the Food and Drug Administration (FDA) of a McNeil plant in Pennsylvania found serious lapses in quality control — including bacterial contamination and lack of proper evaluation of a drug’s potency — the company voluntarily recalled several over-the-counter children’s medications for colds and allergies in April.

Now, after an investigation by the FDA into McNeil’s manufacturing practices, the agency has decided to refer the case for further review to the FDA’s law enforcement arm for possible criminal action.

The House Committee on Oversight and Government Reform convened a hearing on Thursday to investigate the latest recall, since it wasn’t the first for the company this year. In January, the company recalled some of the same children’s products — children’s Motrin, children’s Tylenol and Benadryl, as well as others, including Extra Strength Tylenol for adults — because of a moldy smell coming from the medications. The odor apparently came from a chemical that coats the wooden pallets used to move and store the product packaging materials.

In testimony on Thursday, the FDA’s principal deputy commissioner Dr. Joshua Sharfstein noted that the agency may seek criminal charges for J&J for its failure to comply with safe manufacturing practices as well as its failure to act responsibly in addressing problems. As reported in the New York Times:

During a session in which some committee members questioned McNeil’s integrity, Dr. Sharfstein noted lengthy delays by the company in reporting problems to the agency. And in one case, in 2008, he said, McNeil had hired a contractor to quietly remove packages of Motrin from retailers for suspected quality problems — which he suggested was essentially an unannounced recall that was not reported to the F.D.A.

“This is something troubling to the agency,” Dr. Sharfstein said. “We think it reflected poorly on the company.”

Colleen Goggins, the worldwide chairman of J&J’s consumer group, confronted the accusations of poor quality control and admitted the lapses, as ABC News reported:

"The quality and process issues that we found at McNeil, those which led to the recall and others, are unacceptable," she said.


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Phil's Favorites

Why do bankers behave so badly? They make too much money to ask questions

 

Why do bankers behave so badly? They make too much money to ask questions

Rudy Balasko/Shutterstock

Courtesy of Mark Crosby, Monash University

Over the past 16 months journalists have been scouring through more than 2,000 Suspicious Activity Reports originally sent by banks to the United States Treasury, before being leaked to Buzzfeed and then passed along to the International Consortium of Investigative Journalists.

The reports relate to more than US$2 trillion in transactions over the period from 2000 to 2017. Some of these transactions will already have been investigated, and may be legitimate. In the case o...



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ValueWalk

Failure Of PPP and Expectations From The Next Relief Package

By Anna Peel. Originally published at ValueWalk.

CARES Act 6 Months Later: Watchdog Coronavirus Economic Stimulus Relief Package Report Spotlights Worst Failures of Trump Administration’s PPP Program That Marginalized Communities of Color, Prioritized the Wealthy

Q2 2020 hedge fund letters, conferences and more

WASHINGTON, D.C. – Government watchdog Accountable.US released its in-depth report on the fai...



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Kimble Charting Solutions

Key Inflation Indicators Facing Big Test In September!

Courtesy of Chris Kimble

Inflation has long been a word that the Federal Reserve uses but the general markets have forgotten about.

Why? Well because it’s been virtually non-existent for years. Key indicators like commodities (i.e. copper) have been in a down-trends and the Materials Sector (XLB) has lagged… until this year.

In today’s chart 3-pack, we take a look at the Equal Weight Commodity Index, ...



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Zero Hedge

Sweden Dominates Drug-Deaths In Europe

Courtesy of ZeroHedge View original post here.

As highlighted by the latest edition of the European Drug Report, Sweden is the country with the most drug-induced deaths per million of the population in Europe.

In 2018, 81 people died per million inhabitants, ahead of the United Kingdom's 76 drug-induced deaths per million. Finland and Ireland jointly had the third-highest death rate with 72 deaths per million.

You will find more infographics ...



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Digital Currencies

The Great Unbanking: How DeFi Is Completing The Job Bitcoin Started

Courtesy of ZeroHedge View original post here.

Authored by Paul De Havilland via CoinTelegraph.com,

While most of us will prefer to forget the horrors of 2020, DeFi may well prove to be the guarantee of a better, more liberated future...

...



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Politics

'Colossal Backdoor Bailout': Outrage as Pentagon Funnels Hundreds of Millions Meant for Covid Supplies to Private Defense Contractors

 

'Colossal Backdoor Bailout': Outrage as Pentagon Funnels Hundreds of Millions Meant for Covid Supplies to Private Defense Contractors

"If you can't get a Covid test or find an N95, it’s because these contractors stole from the American people to make faster jets and fancy uniforms."

By Jake Johnson

Secretary of Defense Mark Esper and Chairman of the Joint Chiefs of Staff Army Gen. Mark Milley hold an end of year press conference at the Pentagon on December 20, 2019 in Arlington, Virginia. (Photo: Drew Angerer/Getty Images)

Instead of adhering to congressional inten...



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Biotech/COVID-19

How and when will we know that a COVID-19 vaccine is safe and effective?

 

How and when will we know that a COVID-19 vaccine is safe and effective?

How much longer must society wait for a vaccine? ANDRZEJ WOJCICKI/Getty Images

By William Petri, University of Virginia

With COVID-19 vaccines currently in the final phase of study, you’ve probably been wondering how the FDA will decide if a vaccine is safe and effective.

Based on the status of the Phase 3 trials currently underway, it i...



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Chart School

Stocks are not done yet - Update

Courtesy of Read the Ticker

There are a few times in history when a third party said this US paper (stocks, funds or bonds) is worthless.

Here is two.

1) 1965 Nixon Shock - The French said to US we do not want your paper dollars please pay us in gold. This of course led to the US going off the gold standard.

2) 2007 Bear Stern Fund Collapse - Investors said their funds collateral was worth much less than stated. This of course was the beginning of the great america housing bust of 2008.


In both cases it was stated .."look the Emperor is naked!"... (The Empe...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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