Pfizer, world's largest drug-maker, has agreed to plead guilty and pay a record $2.3 billion fine to settle civil and criminal charges for illegally promoting certain drugs.

Justice Department officials said Pfizer promoted certain drugs such as Bextra painkiller for use without obtaining approval from the Food and Drug administration.

The anti-inflammatory drug Bextra was pulled from the market after it was linked to boosting the risk of heart attacks and strokes.

Pfizer was also charged for unfairly marketing the anti-psychotic drug Geodon, the antibiotic Zyvox, as well as the epilepsy treatment Lyrica.

The fine was first reported in January, but details of the settlement were disclosed on September 2.

But, speaking on the settlement, Dr. Sidney Wolfe, the director of Public Citizen's Health Research Group, said, "It's not enough to ensure drug companies will curb their bad behavior."

Pfizer's subsidiary, Pharmacia & Upjohn Co., also agreed to plead guilty to a felony violation of the Food, Drug and Cosmetic Act.

It may be noted here that President Obama has been fighting back views that he is too soft on drug-manufacturers.