Release date: 2015-10-10
According to reports, the US Securities and Exchange Commission (SEC) announced on Monday that pharmaceutical giant Bristol-Myers Squibb agreed to pay more than 14 million US dollars (about 89 million yuan) to settle the allegations of bribery in China.
According to the SEC, from 2009 to 2014, the sales representatives of Bristol-Myers Squibb's joint venture in China, Sino-US Squibb, paid bribes to Chinese hospital doctors in order to improve their performance, including gifts of cash, jewellery, etc.; Entertainment expenses and sponsorship meetings. The SEC believes that the company has received more than $11 million in profits from the sale of prescription drugs in these hospitals, and the bribery of the company was a legitimate commercial expense, in violation of the US Foreign Corrupt Practices Act.
At the same time as the payment of 14 million US dollars, Bristol-Myers Squibb was required to report to the SEC on the rectification and implementation of its anti-corruption compliance measures within the next two years.
Shi Guibao’s bribery is not a case. Xiao Bian hereby sweeps away the scandals of overseas pharmaceutical companies that have been bribing in China in recent years:
In 2012, Pfizer and its subsidiary, Wyeth, were accused by the SEC of bribery in China; they were eventually fined $60.16 million and $29.4 million, respectively.
In 2012, Eli Lilly was accused by SCE and was fined $29.4 million.
In 2013, GlaxoSmithKline China’s bribery case was finally fined RMB 3 billion by the Changsha Intermediate People’s Court of Hunan Province. China has set a record for the highest penalty for a single company.
Not long ago, Squibb, who was caught in the storm of layoffs, was widely concerned by the society. The layoffs brought about by its massive illegal layoffs have still not been completed. This bribery case has dragged it into the quagmire, and the century-old pharmaceutical companies have suffered an eventful fall.
The transformation of Squibb's transformational business is mainly concentrated in the fields of cancer, hepatitis and cardiovascular. Since last year, large-scale layoffs have started, involving more than 1,000 people, and it has become the largest layoff in the history of multinational pharmaceutical companies in China. In addition to the difficulty of dealing with the transition, an important factor is probably related to the GSK bribery case.
According to industry insiders, the GSK bribery case made Shi Guibao a "bird of surprise". The Bristol-Myers Squibb headquarters believed that there might be a lot of risks in China, and therefore adopted a large-scale layoff measures, especially for sales personnel.
Source: Medical Device Innovation Network
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