The U.S. Supreme Court ruling that drug manufacturers' federally approved labeling does not protect them from state lawsuits should not raise insurance rates for pharmaceutical companies, according to one brokerage expert.
James Walters, managing director of Aon's life science industry practice in Philadelphia, said the ruling should not impact rates because historically the sector has had no protection.
In the case that went before the Supreme Court, Wyeth pharmaceutical had argued that an implied protection existed for drug labeling approved by the Food and Drug Administration and this preempted state tort law permitting suits for failing to adequately warn consumers.
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