So far GlaxoSmithKline (GSK) has agreed to pay at least $700 million over the last eight months to settle approximately 12,000 lawsuits relating to the diabetes drug Avandia, according to a Bloomberg report. The lawsuits allege that Glaxo failed to warn consumers of the fatal side effects such as heart attack and stroke.
The drugmaker is currently speaking with about 1,000 Avandia victims who sued the company in state courts.
Avandia (rosiglitazone) is a drug, developed by GlaxoSmithKline (GSK), used for the treatment of type 2 diabetes. It was approved by the Food and Drug Administration (FDA) in 1999. However, since the approval of the drug the FDA has continued monitoring several heart related adverse effects that were of concern during clinical trials. In 2006 & 2007, the FDA requested that the labeling for the drug be changed as new data showed the potential risks of the drug.