The pharmaceutical and medical industries have had some huge highs and lows over the past few years. Let’s look at everything from major drug failures to huge companies going bankrupt. In the end, it’s the public that suffers when things go wrong because we place our faith in them to heal us.
Some of these stories are notorious because they involve infamous figures like Martin Shkreli. Others show how competitive and immoral these sectors are. Check out these medical flops now because they are shocking examples of how business works in the modern era.
This was one of the biggest medical flops of the decade because the company went bankrupt. They shut down their U.S. operations in 2023 after years of struggles. The pharmaceutical company attempted to secure a multi-billion dollar bailout but there wasn’t one forthcoming.
Akorn operated out of Illinois and created animal and human health products. Their financial problems began in 2020 when they filed for bankruptcy and they rumbled on. Nobody wanted to buy them so finally they finished operations in 2023. Hundreds of people lost their jobs in a big blow to the state’s economy (via Fierce Pharma).