Are the results practically significant to the company

Reference no: EM133477649

Case: Pfizer has developed a new drug called Pampa, an anti-inflammatory said to alleviate pain from arthritis and other painful afflictions. This drug is currently being marketed heavily as a new blockbuster and is being prescribed widely. However, not too long ago, a large study uncovered some 5 worrying risk factors. This study had 1287 patients use Pampa for an 18-month period, and it had another 1299 patients use placebo over the same period. After 18 months, 45 of the Pampa patients had developed serious heart problems, whereas only 25 patients on the placebo developed such problems. Data is provided in the datafile under tab "Problem_4_Data".

Question 1: Given these results, would you agree with the conclusion that Pampa caused significant increase in the risk of developing serious heart problems? First, answer this from a purely statistical point of view, where significant means statistically significant. What hypothesis should you test, and how should you run the test? When you run the test, what is the corresponding p-value?

Question 2: Next, look at it from the point of view of patients. If you were a Pampa user, would these results cause you significant worry? After all, some of the subjects who took placebos also developed heart problems, and 45 might not be considered that much larger than 25.

Question 3: Finally look at it from Pfizer's point of view. Are the results practically significant to the company? What does it stand to lose?

Question 4: Write a report of your findings and interpret the results based on the discussion points from questions a, b & c.

Reference no: EM133477649

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