Amgen (AMGN) made an announcement that many investors already expected. The death rate in cancer patients using its anemia drug Aranesp was higher that those using a placebo.
According to Reuters: "The U.S. Food and Drug Administration last month slapped a strong new warning on the label of Aranesp and similar anemia drugs calling on doctors to use the lowest dose that can effectively avoid the need for blood transfusions."
Last week, Merck (MRK) came out with news that its new arthritis drug Arcoxia can cause blood pressure and heart problems. The FDA panel rejected the drug by a vote of 20-to-1.
The amazing thing about the large drug companies is that they seem surprised and disappointed with the results of these trials. In reality, it is a safe bet that they have a very good idea what side-affects these drugs may have long before they come to market.
So, why push them all the way to the FDA?
Good question.
Douglas A. McIntyre
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