Pfizer Ordered to Pay US Government $60 Million in Connection with Bribery Charges

By Disinformation on August 8, 2012 in News 3

Photo: Candy (CC)

Pharmaceutical giant has Pfizer has agreed to pay the United States government $60 million to settle charges that its representatives bribed health care officials in Europe and Asia to secure lucrative contract. The company admits no wrongdoing:

The US drugs giant does not admit any guilt.

“Pfizer subsidiaries in several countries had bribery so entwined in their sales culture that they offered points and bonus programs to improperly reward foreign officials who proved to be their best customers,” said Kara Brockmeyer, chief of the SEC’s foreign enforcement division, which made the allegations.

The countries involved are Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia.

Sixty million dollars may sound like a lot of money, but it’s practically peanuts to Phizer: The company grossed almost $48 billion in income last year.

Read the rest of the story at BBC News.

Big Pharma, Corruption, Drugs, Pfizer

http://www.facebook.com/KaneVonDoom Kane VonDoom

So they are to pay a fine of 60 million because of a contract worth tens of billions, but they still get to keep that contract even though it was done illegally… and not one person goes to jail?

Cronyism.
- InfvoCuernos
  
  I was thinking the same thing. Its almost like the government is saying “You need to give us more money if you want to keep that contract.” Nakedly crooked. Does not surprise me in the least.
http://buzzcoastin.posterous.com BuzzCoastin

The countries involved are
Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia.

all of which are countries well known for ethical commercial practices
where bribery is almost unheard of
so this probably will never happen again

and the $60 mil fine will really set Pfizer back
what with $8 billion in profits in 2011
for which they paid 12% in taxes
so Pfizer will have to dig deep to find the coins