Teva Pharmaceutical Industries Ltd. has reached a settlement with the U.S. authorities in which it will pay a $519 million fine. The settlement concludes negotiations between the company and the government concerning violations of the Foreign Corrupt Practices Act (FCPA). Teva admits in the agreement that it took part in unacceptable practices aimed at promoting its products in various countries, including Russia, Ukraine and Mexico. Teva said in a statement:
The resolution involves conduct occurring in the past, and none of the employees involved in the improper payments are still employed by Teva, including in Russia, where the entire leadership team was replaced in 2013. None of the conduct in question involved Teva’s U.S. sales.
I fear this sort of thing goes on much more than is reported by the media or caught by the government. Based on our dealings with the powerful drug industry, I am not at all surprised that a drug company would bribe its way into a profitable drug deal. The FCPA must be vigorously enforced.
Source: Globes English
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