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Cheap Canadian Drugs: FDA Says Lack of Controls Threat to Public Safety
Aired November 07, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' A federal judge warns cheap prescription drugs could be dangerous and shuts down an Internet pharmacy.
Carrie Lee has that story from the Nasdaq.
Good morning to you, Carrie, a lot of people talking about this one.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Yes, they are, Heidi, because it affects a lot of people. The name of the chain is Rx Depot. And a federal judge has ordered this company, it's a U.S. Internet company that helps people buy cheaper drugs, prescription drugs, from Canada, to shut down.
And now the FDA says that the lack of controls on the drugs represents a threat to public safety, and the judge in this case agrees. The federal judge says the chain violates the law and cannot ensure the safety of the products consumers purchase.
Now, obviously this ruling is a blow to people who are able to save money on medicines by buying them from Canada. The founder of Rx Depot, though, does promise to appeal. The judge found that Rx Depot violated the law because only manufacturers are allowed to bring medicines into the country.
So, Heidi, a lot of companies have been doing this. People have been buying drugs over Canada, but looks like law officials are more and more starting to take a closer look at the practice.
COLLINS: I bet they are.
Well heading into the weekend, Carrie, what might we see today in the markets?
LEE: Well we did see a little bit of a positive performance yesterday. The Dow, the Nasdaq, the S&P 500 all ending fractionally in positive territory. And this morning, things look a bit bullish as well. Looks like we could see a higher open.
The big thing investors will be watching today, the big jobs report coming from the government. The unemployment rate for October expected to hold steady at 6.1 percent. Our economy is expected to add 65,000 jobs. So that's going to be the big -- the big number or numbers to watch today and you can bet that's going to affect trading very significantly. COLLINS: All right, we'll keep our eye on that. Carrie Lee, always nice to see you, thanks so much.
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Public Safety>
Aired November 7, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' A federal judge warns cheap prescription drugs could be dangerous and shuts down an Internet pharmacy.
Carrie Lee has that story from the Nasdaq.
Good morning to you, Carrie, a lot of people talking about this one.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Yes, they are, Heidi, because it affects a lot of people. The name of the chain is Rx Depot. And a federal judge has ordered this company, it's a U.S. Internet company that helps people buy cheaper drugs, prescription drugs, from Canada, to shut down.
And now the FDA says that the lack of controls on the drugs represents a threat to public safety, and the judge in this case agrees. The federal judge says the chain violates the law and cannot ensure the safety of the products consumers purchase.
Now, obviously this ruling is a blow to people who are able to save money on medicines by buying them from Canada. The founder of Rx Depot, though, does promise to appeal. The judge found that Rx Depot violated the law because only manufacturers are allowed to bring medicines into the country.
So, Heidi, a lot of companies have been doing this. People have been buying drugs over Canada, but looks like law officials are more and more starting to take a closer look at the practice.
COLLINS: I bet they are.
Well heading into the weekend, Carrie, what might we see today in the markets?
LEE: Well we did see a little bit of a positive performance yesterday. The Dow, the Nasdaq, the S&P 500 all ending fractionally in positive territory. And this morning, things look a bit bullish as well. Looks like we could see a higher open.
The big thing investors will be watching today, the big jobs report coming from the government. The unemployment rate for October expected to hold steady at 6.1 percent. Our economy is expected to add 65,000 jobs. So that's going to be the big -- the big number or numbers to watch today and you can bet that's going to affect trading very significantly. COLLINS: All right, we'll keep our eye on that. Carrie Lee, always nice to see you, thanks so much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Public Safety>
