Report: As Pharma Goes Global, So Do Charges of Corruption
| Posted: 29 February 2012
By Alexander Gaffney
A report by Reuters has found that increasingly global pharmaceutical companies are running up against many of the same charges of influence peddling and corruption abroad that they once faced at home.
The charges could affect more than just the companies’ reputations.
“In recent years, Big Pharma has forked out billions of dollars to settle scandals involving improper promotion of medicines in the United States. Now bribes paid to foreign doctors and other state employees are shaping up as the next major legal liability threat for the industry,” write report authors Aleksandar Vasovic and Ben Hirshler.
An analysis of financial statements conducted by Reuters shows that eight of the top ten global pharmaceutical companies expect corruption-related costs to impact them this year.
The drive to access markets before competition arrives is driving much of the corruption and influence peddling, according to the report.
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Reuters - Vietnam study finds bribes dominate medicine prices