Pfizer accused of corporate arrogance

A complaint submitted to the Federal Trade Commission has referred to Pfizer's acquisition of Wyeth as "potentially monopolistic" and has urged the Commission to see that "the proposed merger is not in the public interest and is in conflict with a wide range of President Obama's objectives". The complaint was submitted by the Greenlining Institute, a US organization involved in multi-ethnic economic and leadership development, civil rights, and anti-redlining activities, along with the Latino Chamber of Greater Los Angeles, the Black Economic Council and Mabuhay Alliance on 23 October.

Pfizer released a press statement on 15 October explaining that it had completed its acquisition of Wyeth; however, the Greenlining Institute explained that, according to the Federal Trade Commission, a final decision will not be rendered until the 30 day public comment period closes on 16 November 2009.

"Pfizer's disregard of this Commission's processes is evidenced by its decision to spend millions of dollars to announce the successful conclusion of this acquisition while public comments are still pending," said the complaint letter addressed to Chairman Leibowitz and Commissioners Jones Harbour, Kovacic and Rosch of the Federal Trade Commission. "This type of corporate arrogance should be punished, not rewarded."

The Federal Trade Commission issued a statement on 14 October announcing a settlement resolving its investigation of the acquisition. However, the statement also explained: "The order will be subject to public comment for 30 days, until November 16, 2009, after which the Commission will decide whether to make it final."

In its statement released earlier in October, the Federal Trade Commission did not seem to think the acquisition would impose any impact on consumers in the human pharmaceutical arena. The statement explained: "The evidence demonstrated that the transaction likely would not harm consumers in any prescription drug market where the companies currently overlap, reduce incentives to innovate, create intellectual property barriers, or allow Pfizer to engage in anticompetitive marketing practices."

http://greenlining.org/index.php www.ftc.govwww.pfizer.com

More about Pfizer's acquisition of Wyeth can be read

here

.