CHURCH’S FORTUNE RISES WITH VIAGRA
Title: CHURCH’S FORTUNE RISES WITH VIAGRA , Christian Century, 00095281, 07/01/98, Vol. 115, Issue 19
Section: NEWS
The Church of England stands to benefit by more than $3.3 million thanks to the worldwide success of the anti-impotence drug Viagra. The value of the church’s shares in Viagra’s manufacturer, Pfizer, has increased by more than $3.3 million since last year. Pfizer shares have doubled in value as sales of Viagra exceeded all predictions since its launch earlier this year. In the U.S. alone, doctors are writing 100,000 prescriptions a week, and Pfizer’s annual income from the drug is expected to reach $1 billion by 2000.
The Church of England’s investment is held by the Church Commissioners, whose chief responsibility is managing investments to provide pay, pensions and housing for clergy. The commission says it sees nothing wrong in investing in a reputable company that is producing a revolutionary drug for a genuine medical problem.
But concerns are growing about the misuse of Viagra. The sales figuressuggest that it is being used not only as a treatment for impotence but also as a recreational performance enhancer. Also, the drug has side-effects. Headaches, blackouts and blue vision have been reported. The U.S. Food and Drug Administration is investigating six heart-related deaths that may be linked to Viagra.
Said Arun Kataria, spokesman for the Church Commissioners: “We were in touch with Pfizer before Viagra was launched because we knew it was on the way. We have a regular review procedure for investments, and would take up with a company any concerns about how a product was being marketed. Both Pfizer and prescribing doctors work in a highly regulated environment–in the case of the United States, perhaps the most strictly regulated in the world.”
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Source: Christian Century, 07/01/98, Vol. 115 Issue 19, p642, 1p
