The Vioxx withdrawal is one of those seminal events that, because of the players involved--the industry's largest companies, some of their most valuable drugs, both the European and American regulatory structures--holds up a mirror to an entire industry. Given the record breaking valuation slides, the market is taking a very critical look at the industry's strategies; so should the people who run it.
By Roger Longman
Merck's withdrawal of Vioxx on September 28th tripped not merely Merck & Co. Inc. , but the industry. Stocks fell, of course. But even company behavior seemed confused.
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