Many personal injury lawsuits involve cases against drug companies for medications they put on the market that end up doing more harm than good for patients. Many people have misconceptions about this type of lawsuit, and it is very important for the public, including you, to have these misconceptions cleared up. Whether you are considering taking action against a company that produced bad medication or just want to know the facts in case you ever need to in the future, then read on to find out the truth about common misconceptions regarding these cases.
Myth #1: Lawsuits Against Drug Manufacturers Drive Up Prices for Medication
Many people have the misconception that lawsuits against drug companies are what make many brand-name medications so expensive. This may even keep some people from filing lawsuits against manufacturers, as they think that by not suing the drug manufacturer, they are helping to keep drug prices lower for everyone.
This myth could not be further from the truth. Brand name medications are often very expensive for several reasons, including the fact that the original manufacturer funds the research and clinical studies that go into creating the medication and proving that it works safely. To help the manufacturer then recoup the cost of all of this research and development, they are then rewarded with a patent that does not expire for 10-15 years.
While the medication is patented, no other drug manufacturer can produce the medication and offer it for a lower price. This gives the original manufacturer a monopoly over the drug, and they can then charge whatever they want to for it. While it is expected for the company to charge what they need to recoup the cost of researching and producing the medication along with adding in a profit margin, there is still a huge discrepancy between the final price for many medications.
Why? It often comes down to pure greed. Drug companies in the United States can often charge much less than they do for their branded medications, but knowing they have a monopoly on the sale of it for a while, they often charge exorbitant prices simply to line their pockets. In the end, any personal injury or class action lawsuit that ends up being paid out by the company could be compared to "pocket change" next to how much they earned for the medication while it was on the market.
Myth #2: You Must Opt into a Class Action Lawsuit to Receive Compensation After Taking a Bad Medication
If you took a medication in the past that ended up producing horrible side effects that left you with physical or psychological damage, then you may be waiting for a class-action lawsuit to be advertised against the manufacturer, so you can finally receive compensation you deserve. The truth is that you don't have to wait for a class-action lawsuit to arise, and you can start your own claim alone along with the help of a personal injury lawyer.
Another misconception is that if there is a class action lawsuit against a drug manufacturer that produced a bad drug, then you cannot file your own claim. This is completely false, and you can opt-out of the class action lawsuit, so you can pursue a case on your own. Why opt out of a class-action lawsuit? You may be able to receive more compensation than what is eventually awarded in the class-action lawsuit by filing your own personal injury claim against the company. Before opting out of a class-action lawsuit, it is a good idea to consult with a personal injury attorney to see if you have a greater advantage staying part of the class-action suit or by pursuing your own claim.
Generally, the greater you suffered from a medication, the more advantageous it is for you to pursue a lawsuit on your own. If you stay part of the class-action lawsuit and then receive much less compensation than you deserve, you are then bound by the class-action terms to pursue no other claim against the company.
There are many misconceptions about lawsuits against drug manufacturers, and this should help clear up two of the most common myths for you. It is very important to speak to a very good personal injury lawyer if you have taken a medication that did you more harm than good. He or she can look into more info on specific details of your situation and help you choose the right option for pursuing the compensation you deserve for your bad experience or long-term injuries.