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Big Pharma's Offshore Fraud Strategy
Key Excerpts from Article on Website of Forbes
Posted: February 5th, 2013
http://www.forbes.com/sites/erikakelton/2012/09/11/big-pharm...
One of [the big drug companies'] bright spots has been emerging markets where in recent years percentage growth in sales has caught up to and in many instances galloped ahead of other regions. But with pharmaceutical companies continuing to pay record civil and criminal fines in the U.S. for illegal marketing practices, recent scrutiny of similar practices abroad raises questions as to whether pharma has simply exported its fraudulent marketing playbook to Europe, Asia, the Middle East and elsewhere. Those sales and marketing tactics are bad news for patients around the world, as financial inducements and bribes should not be permitted to corrupt medical treatment decisions. The good news is that the Securities and Exchange Commission (SEC) whistleblower program will undoubtedly accelerate exposure of corrupt practices overseas and bring greater transparency into pharmas business practices generally. Pharma companies already are being investigated for U.S. Foreign Corrupt Practices Act (FCPA) violations. The FCPA makes it illegal to bribe foreign officials to win business. Pfizer, the worlds largest drugmaker, paid $60.2 million last month to the U.S. to settle charges that the company bribed government officials including hospital administrators, government doctors and members of regulatory and purchasing committees in China, Russia, Italy, Bulgaria, Croatia, Serbia and Kazakhstan to approve and prescribe Pfizer products. Other pharma companies are under scrutiny by the U.S. for their practices elsewhere.
Note: For deeply revealing reports from reliable major media sources on pharmaceutical industry corruption, click here.
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