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(PRWEB) August 9, 2005 -- Given the monstrous size and profitability of drug
companies, some plaintiff lawyers are considering focusing more of their
practice on drug litigation. In fact, shortly after Merck's announcement of the
Vioxx recall, some large plaintiff firms started aggressive media campaigns
aimed at bringing in prescription drug injury victims. The media blitz has been
non stop. Billboards, TV, Web marketing, radio, and direct mail are just some of
the marketing vehicles that attorneys have used to try and find new cases for
them to work on. Many plaintiff law firms are no longer focusing on chasing run
of the mill car accidents. Some of them have gone so far as to reposition
themselves as “drug recall lawyers,” seeing that the future of their practice
may be shaped by the initial outcome of these new pharmaceutical
cases.
When Merck chose to withdraw Vioxx, the CEO stated that a
voluntary recall was the responsible course of action. Prior to pulling Vioxx
from the market, Merck was spending $500 Million per year on advertising Vioxx.
Vioxx is classified as a non-steroidal anti-inflammatory drug, or NSAID.
However, Vioxx belongs to a new family of NSAIDs called “COX-2 inhibitors.”
There are not many COX-2 inhibitors on the market in the US: Bextra and Celebrex
may be the only other two.
Both the number of potential Vioxx plaintiffs
and award amounts of the lawsuits are projected to be extremely large. The
investment bank S.G. Cowan recently estimated that eventually more than 600,000
plaintiffs could file suit in the Vioxx case. Furthermore, some investment banks
think that plaintiffs may file for more than $10Billion in damages in years to
come. Even the national TV networks
have covered the Vioxx withdrawal. A
November 2004 story on the Vioxx withdrawal appeared on CBS News' 60 Minutes.
The CBS story implied that the US Justice Department is conducting an
investigation and the Securities and Exchange Commission is looking into Merck's
conduct. Given the media coverage of the Vioxx withdrawal and the number of
people who were prescribed Vioxx, there may be many new “Drug Recall Firms”
founded in years to come.
About The Author
Richard Martin is a
contributing writer at http://www.legalclips.com. LegalClips.com is a collection of
lawyer articles and other resources.
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Source : http://www.prweb.com/releases/2005/8/prweb270254.htm