Pfizer, Lasco and Medimpex compensation hearing starts
THE hearing in the Supreme Court on the issue of compensation claims made by local drugs distributors Lasco and Medimpex against pharmaceutical giant Pfizer began yesterday.
Statements were made by business manager consultant Wincella Cummins; Dr Lloyd Barnett, who represent Medimpex in the issue; and, chairman of Lasco Distributors Lascelles Chin, who will resume testimony when the court resumes this morning at 10.
The local firms are hoping that recent decisions taken by Pfizer in terms of its corporate behaviour, and reflected in a release yesterday, will enable negotiators to move closer to a settlement on this final aspect of the dispute. The last hurdle is the issue of how much they should be compensated for the loss of seven years’ sales, due to a court injunction which banned them from selling their hypertension generics, based on a claim by Pfizer that it owned the patent.
The Judicial Committee of the UK Privy Council last year upheld the 2012 opinion of the Jamaican court that the patent Pfizer was claiming had already expired, which paved the way for both local distributors to sell their products. However, the Privy Council sent the parties back to Jamaica to decide how much Lasco and Medimpex should be paid for losses due to the local court injunction, which blocked sale of their products between 2005 and 2012.
The assessment of damages was originally set for January 18 to 22, but was postponed to July 18 to give the parties sufficient time to comply with the court orders. However, it was postponed again on July 18 because of the unavailability of the presiding judge.
Lasco has asked for US$311 million in compensation, but Pfizer has offered a maximum US$518,000. Medimpex, which is seeking US$11.5 million, was offered a maximum of US$68,000.