"Big pharma" is big business these days. The companies and individuals that study, manufacture, distribute, and sell much needed drugs deserve their profits.
Yet, many involved in this industry fail to think of themselves as businesses. Instead, various pharmacists, physicians, scientists, researchers, and others believe they are immune from common legal problems that plague other commercial entities.
This thinking can wind up being a huge mistake. Following are some of the ways that the business end of the drug industry can spell trouble for those without experienced legal representation.
Contract Breaches
Contracts keep American commerce flowing. Parties know their duties and those of the other side. Yet, contract breaches occur often, especially in the drug business.
For example, a manufacturer makes promises to put a certain drug on the market this year. Unfortunately, the Food and Drug Administration (FDA) might take longer than expected to certify the drug. The distributors and retailers down the supply line are left without the promised product or a replacement, most likely.
When this sort of thing happens, these entities need a business lawyer to enforce the terms of the contract or demand direct recompense for their financial losses.
Copyright and Trademark Infringements
Pharmaceutical professionals who have copyrighted or trademarked material really need a business lawyer by their side. This is the internet age. Anyone in the world with a computer can download printed research materials, images, logos, etc, to use on their own behalf. Most have no clue of the possible illegality of these actions if such usage has been prohibited.
A vigilant business lawyer on retainer can check regularly for copyright or trademark infringements. When found, the lawyer can issue a cease and desist letter. If necessary, they can then file a lawsuit.
Negligence
The government, media, and consumer watchdog groups are all on the lookout for drugs with harmful side effects. If a manufacturer, distributor, or retailer knew of prevalent side effects and failed to inform the FDA or the public in a proper manner, mass negligence lawsuits and fines are probable.
Pharmaceutical professionals need a trained business lawyer who can help them objectively weigh the benefits of their proposed drugs to the known side effects. This way, they can clearly articulate this information to outsiders and prevent any misunderstandings.
Quite often, science and medical professionals are too close to the drug to think clearly in this area. A lawyer is a trained, objective mind there to help.
Contact a Business Attorney Today
If you are involved in the highly lucrative pharmaceutical industry, you should get in touch with a business lawyer today. For the reasons above, and many more, the risks to your business are too high to ignore.
