Pfizer hit with $60m bribery bill
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Tuesday 22 November 2011
Pfizer, the US pharmaceuticals giant, is set to pay more than $60m (£38m) to settle charges that gifts and payments it paid to doctors in Europe amount to bribes under the US Foreign Corrupt Practices Act (FCPA).
The settlement signals the US authorities' intention to widen the scope of the country's tough anti-bribery law, which has been on the books since 1977.
Earlier this year, Johnson & Johnson paid $70m to settle claims that it paid doctors in Greece, Romania and Poland in return for the doctors' agreeing to use its surgical implants in hospital procedures.
Doctors working for state-run health services are being viewed as "foreign officials" by Department of Justice investigators and by the Securities and Exchange Commission, the US financial regulator, which is conducting parallel investigations into the industry.
The British drugs giants GlaxoSmithKline and AstraZeneca have both revealed that they are under investigation in the US for suspected breaches of the FCPA.
Pfizer says it has reached an agreement in principle to settle the charges against it, which relate to "potentially improper payments" made by its subsidiaries and divisions within Wyeth, which Pfizer acquired in 2009. Talks are continuing on the details of the settlement, and it is not clear whether the company will admit wrongdoing. Johnson & Johnson neither admitted nor denied the charges against it.
The pharmaceuticals industry has repeatedly tightened codes of conduct relating to gifts and payments to doctors, in response to a string of scandals and negative publicity over the past decade.
- 2 Argentina may change its capital city from Buenos Aires, says president
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 The 3D-printed key that can unlock anything
- 5 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
Joan Rivers: 'Palestinians deserve to be dead'
Sir Paul McCartney makes his stance on Scottish independence known
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...