December 23, 2012

Creating Compensation Fund

1 NECC Files for Chapter 11 Bankruptcy

After being shut down and investigated in relation to 39 deaths and over 600 people who fell ill due to fungal contamination of the steroid they made, the New England Compounding Center (NECC) has filed for Chapter 11 bankruptcy. The Massachusetts-based pharmacy was shut down in October, all the drugs they made recalled and inspections revealed numerous problems that compromised sterility. There had been a history of problems with this pharmacy that have been recorded as long ago as 1999 but harsh sanctions were never filed. Compounding pharmacies are regulated by the state as opposed to the FDA. The NECC has reported between 1 and 10 million dollars in assets and plan to create a fund to compensate the victims.

More at Yahoo! Reuters | Posted 5 years ago by Kristie Hayes

Previously: More Fungal Infections Tied to MA Pharmacy, US Meningitis Outbreak Spreads

Tags: Compounding Pharmacies, NECC, New England Compounding Center, Chapter 11 Bankruptcy

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