GlaxoSmithKline reportedly witnessed first-quarter profits decline swiftly, largely due to declining sales of their headline diabetes drug Avandia . Avandia faced stiff controversy in the last year following a study that linked the diabetic drug to an increased risk of death and heart problems .
The company, who are listed in the UK, revealed that pre-tax profits slumped by 13% in a year, largely due to the health scare associated with the drug. The results, although they were a decline, were actually better than expected.
Other pharmaceutical companies throughout the globe have been facing mixed sales, some related to diabetes drugs. Tough competition from generic drugs has influenced profits for some companies .
Avandia has been in and out of the news in the last year, and most recently a team of Scottish doctors publicly stated that the drug should not be prescribed to diabetics .
GlaxoSmithKline see diabetes drug sales slump
Thu, 24 Apr 2008
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