The healthcare industry is coming under ever increasing scrutiny from regulators, both in the US and Europe, and the level of penalties are severe. In September 2009, Pfizer paid $1.3 billion, the largest criminal fine ever imposed in the United States, for the off-label marketing of Bextra and three other drugs. Pfizer paid an additional $1 billion in civil penalties resulting from the same illegal activities.
Whilst anti-corruption compliance is an issue for all major industry sectors,
Pharma, Biotech and Medical Device companies are finding themselves particularly vulnerable when specific practices and industry customs are placed under the microscope. In the last 6 years, U.S. prosecutors have brought more than a dozen cases against drug makers for off-label marketing alone and won more than $6 billion in criminal and civil settlements. Estimates indicate that there are currently more investigations underway by the SEC and DOJ combined against medical device manufacturers than any other industry
As companies focus on steering themselves out of the economic downturn, they can ill afford a bribery and corruption probe as well. Reviewing and revising an effective corporate anti-corruption compliance policy will demonstrate to employees and, if necessary, regulators, that your company considers anti-corruption compliance to be an important corporate goal. If undertaken properly, anti-corruption compliance can be a valuable corporate asset that enhances company operations, facilitates compliance with law and mitigates damage when and if violations occur.
Don t allow what has happened to other companies happen to your organisation. With increased international co-operation, the potential for investigations is growing by the day. It has never been more important for the healthcare industry to benchmark their compliance programmes, compare operating practices and review internal anti-corruption procedures.
Hear from top industry experts and their advisors, including representatives from: - Leading pharmaceutical, life sciences and medical device companies
- Key regulatory bodies
- Top international law firms
