peter doshi :: Article CreatorNew Research Reports On Financial Entanglements Between FDA Chiefs And The Drug Industry
An investigation published by The BMJ today raises concerns about financial entanglements between US Food and Drug Administration (FDA) chiefs and the drug and medical device companies they are responsible for regulating.
Regulations prohibit FDA employees from holding financial interests in any FDA "significantly regulated organization" and the FDA says it takes conflicts of interest seriously, but Peter Doshi, senior editor at The BMJ, finds that financial interests with the drug industry are common among its leaders.
Doshi reports that nine of the FDA's past 10 commissioners went on to work for the drug industry or serve on the board of directors of a drug company. That includes Margaret Hamburg, who led FDA between 2009 and 2015, but whose story is less well known.
Like her colleagues, Margaret Hamburg had relationships with FDA regulated companies before and after her stint at the FDA's helm, explains Doshi. But unlike her colleagues, Hamburg was allowed to hold financial interests in Renaissance Technologies (RenTec), an exclusive hedge fund managed by her husband's company, which The BMJ has found consistently invested in FDA-regulated drug companies during Hamburg's time at the FDA.
Following a review by the Office of Government Ethics (OGE), and before becoming FDA commissioner, Hamburg pledged to resign from more than 10 non-profit organizations at which she held a senior position and from the board of a health care products supplier company, Henry Schein.
Hamburg's husband, Peter Brown, sold his stock in Johnson & Johnson and Merck, among others, and the couple divested from several fund holdings at RenTec.
But Brown kept his job at RenTec, and they were both allowed to keep their holdings in its flagship product, the Medallion Fund, which according to financial declarations, earned them more than $3 million between 2009 and 2010.
Both the OGE and FDA declined to provide The BMJ with any specifics about Hamburg's relationships with RenTec.
According to an unnamed "administration official" the couple were allowed to retain their holdings in Medallion because the fund is based on programming that "does not allow for human tracking or input except in rare instances."
But the degree to which the algorithm controlling Medallion operated without human input was called into question by a 2014 Senate investigation into the abuse of structured financial products, in which Brown explained that the algorithm was frequently modified by programmers.
Brown did not respond to The BMJ's request for an interview. However, a review of quarterly reports by The BMJ filed during Hamburg's tenure at FDA shows that RenTec held stock in three major drug companies—Amgen, Novo Nordisk, and AstraZeneca—at an average value of $518 million. Across 10 drug companies, the reports indicate average holdings of over $1 billion.
"The facts raise concerns over the adequacy of current rules governing financial holdings by FDA commissioners," writes Doshi.
Hamburg also declined an interview request from The BMJ, but emailed a response through her personal communications agent: "In my capacity as a physician and a government official, I have always taken my ethical obligations very seriously. Prior to my confirmation as FDA commissioner, the US Senate and the Office of Government Ethics (OGE) thoroughly evaluated any potential conflicts, including those that might arise as a result of my husband's position. Those potential conflicts were addressed in signed ethics agreements, and submitted financial disclosure reports were reviewed annually by the OGE during my tenure as commissioner."
More information: Investigation: Revolving doors: board memberships, hedge funds, and the FDA chiefs responsible for regulating industry, The BMJ (2024). DOI: 10.1136/bmj.Q975
Citation: New research reports on financial entanglements between FDA chiefs and the drug industry (2024, May 8) retrieved 9 May 2024 from https://medicalxpress.Com/news/2024-05-financial-entanglements-fda-chiefs-drug.Html
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Peter Andre Reveals They Finally Have Name In Mind For Newborn Daughter But There's One Major Issue
Peter Andre shared a snap of his wife Emily taken moments before she gave birth to their third child together and made an admission beneath the snap
Peter and Emily already share Amelia, 10, and Theo, seven (
Image: Instagram/ @dr_emily_official)
Peter Andre has candidly said they have names in mind for their newborn daughter - but the issue is she doesn't look like any of the monikers they've settled on.
The singer and TV personality's wife, Emily, gave birth to their third child together earlier this month, a baby girl whose name is yet to be decided. The newborn, who weighed in at 7lb 3oz, was delivered at Musgrove Hospital in Taunton, Somerset.
At 51, Peter is no stranger to fatherhood, with two children, Theo and Amelia, shared with Emily, and another two, Princess, 16, and Junior, 18, from his previous marriage to Katie Price.
The couple has been sharing updates with their followers as they embark on this new journey. On April 11, Peter posted an intimate photo of himself and Emily just before the birth, where he's seen planting a loving kiss on her cheek while cradling her bump.
READ MORE: 'Sad' Prince Harry knows he deepened William and Kate Middleton rift - but has clear 'priority'
Peter said he's 'struggling' to come up with a name (
Image:
No credit) Peter shared this image of Emily before she went into labour (
Image:
No credit)
Emily, glowing in a hospital gown, smiles brightly for the camera, reports the Daily Star. Alongside the heartwarming image, Peter wrote: "Moments before ... Emily... Always smiling. @dr_emily_official."
Despite the joyous occasion, Peter admitted to fans that picking a name for their daughter is proving difficult. Responding to a fan's query about whether they had chosen a name, Peter confessed: "Still no name. Literally struggling. She doesn't look like anyone [of] the names we have thought of."
Peter previously shared an emotional update with fans, revealing that his children Princess and Junior have flown to Australia to be with their ailing grandmother. The singer took to Instagram to share his pride in his kids.
Emily gazes lovingly at her new baby (
Image:
No credit)
He uploaded a heartfelt video showing his daughter, 16, and son, 18, at the bedside of their 88 year old grandma Thea. In the poignant post, he expressed: "Junior and princess. The fact that you drove to Somerset to be with us hours before and the days that followed to see the arrival of your baby sister, AND THEN to get on a plane and travel 12,000 miles to be with your grandmother in a very difficult time for her shows me what beautiful children you are."
"I will never forget this moment. Thank you for being truly amazing. Love you all so much. Keep cuddling mum for me please and tell her I love her and we will come out soon," he penned.
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Peter Burke
Peter Burke returns for a second stint of duty in West Palm Beach.
Peter first came to South Florida in October 2005 and spent almost three years writing breaking news stories for Local10.Com, the ABC affiliate in the Miami-Fort Lauderdale market.
After leaving to become managing editor of WPBF.Com, the website for the ABC affiliate in West Palm Beach, in September 2008, Peter returned to WPLG in early 2014. He served as managing editor of Local10.Com from April 2014 until February 2020.
Peter has been helping to keep South Florida informed during some of the most important and, often, tragic events in recent history, including the Fort Lauderdale airport shooting in 2017 and the Parkland school shooting in 2018.
Among the fonder moments of his professional career were interviewing such celebrities as Burt Reynolds and William Shatner and covering numerous sporting events, including the College Football Playoff National Championship games in Tampa and South Florida and Super Bowl LIV at Hard Rock Stadium in 2020.
In addition to being a member of the Football Writers Association of America and the National Collegiate Baseball Writers Association, Peter also serves on the National Selection Committee for the Biletnikoff Award, presented to the top receiver in college football.
Peter graduated from Florida State University in 2004 with a bachelor's degree in English with an emphasis in creative writing and a minor in film studies. He proudly serves on the boards of the Palm Beach County Seminole Club and the College of Communication & Information at FSU.
When he isn't working, Peter enjoys watching his hometown Jacksonville Jaguars, cheering on the FSU Seminoles in all sports, singing all the karaoke classics and spending time with his wife, Lauren, and two sons, Andrew and Ryan.
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