Bristol-Myers Squibb and Quest Diagnostics Facing Healthcare Hurdles
Lawsuits and the sluggish economy continue to affect the healthcare industry significantly this year. Here is a look at two companies dealing with those drivers:
Bristol-Myers Squibb (NYSE:BMY): Current Price $34.30
After one patient died from liver disease and several others were hospitalized during a trial for the company’s hepatitis C treatment last August, four trial subjects filed personal injury claims against Bristol-Myers Squibb and 10 more are preparing to file. Even though the pharmaceutical manufacturer halted the study immediately and took a $1.8 billion charge that quarter, the company now faces requests for medical costs and damages that surpass $500 million.
Bristol-Myers Squibb is scheduled to begin discussing claims settlements on Wednesday, according to The Wall Street Journal.
In addition to the financial strains the botched trial brought, the company suffered a setback in its drug pipeline and Bristol will have to start its efforts to enter the $5 billion global market for hepatitis C treatments anew. The often-fatal liver disease is the leading cause of liver transplants in the United States, where approximately 3.2 million people suffer from the affliction…