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  • Regulatory NewsRegulatory News

    B-MS Pays $14M to Settle SEC Charges over Bribing Health Providers in China

    Bristol-Myers Squibb (B-MS) on Monday agreed to pay more than $14 million to the Securities and Exchange Commission (SEC) to settle charges that its joint venture in China made cash payments and provided other benefits to health care providers (HCPs) at state-owned and state-controlled hospitals in exchange for prescription sales. The payment comes as SEC found B-MS violated the Foreign Corrupt Practices Act (FCPA) and reaped more than $11 million in profits from its mis...
  • Feature ArticlesFeature Articles

    What Life Sciences Companies Need to Know About the Foreign Corrupt Practices Act

    In 2014, enforcement actions related to the Foreign Corrupt Practices Act (FCPA ) generated fines totaling more than $1.5 billion with the average corporate penalty exceeding $156 million. Also in 2014, the US Department of Justice (DOJ) announced it would hire an additional 300 agents to focus solely on FCPA investigations and enforcement. On 3 March 2015, the director of the Division of Enforcement of the Securities and Exchange Commission (SEC) stated, “…in 2015, th...
  • DOJ Officials Release 'Unprecedented' Guide on Anti-Corruption Law

    It can be difficult for companies-especially ones whose products are sold around the world, as many healthcare products are-to ensure every one of their employees are acting ethically and in accordance to the law. US Department of Justice (DOJ) officials would like to make it a bit easier for those companies to comply with at least one anti-bribery law: the Foreign Corrupt Practices Act . The legislation, originally passed in the 1970s after congressional investigators ...
  • Pfizer Settles With SEC Over Charges it Bribed Foreign Regulatory Officials

    Pharmaceutical manufacturing giant Pfizer has settled corruption charges leveled against it by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), both of which said the company had violated the Foreign Corrupt Practices Act (FCPA) by bribing foreign officials to win business and allow its products to access markets. SEC said in a statement the company and its agents had bribed officials in Bulgaria, China, Croatia, the Czech Republic, I...