Pfizer Settles FCPA Charges for $60 Million
Earlier this month, global pharmaceutical company Pfizer Inc. agreed to pay $60 million to the U.S. Securities and Exchange Commission and the U.S. Department of Justice to settle charges that the company violated the Foreign Corrupt Practices Act. From law firm Warner Norcross & Judd:
“The charges arose from government claims that ‘employees and agents’ of Pfizer subsidiaries made unlawful payments to doctors and other health care professionals employed by governments in Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia. The government claimed that the payments were made in the process of obtaining regulatory approvals, but also in the process of making sales and in promoting increased prescriptions for its drugs.”
For your reference, three lessons from the settlement…
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