Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Pfizer-Owned Companies Embroiled In a Corruption Case in Russia
8.08.2012 15:09
Pfizer-Owned Companies Embroiled In a Corruption Case in Russia

Corruption, mainly in the form of bribery, seems to be contagious. No sooner that two companies owned by Pfizer began their dealings with partners from Russia, Eastern Europe, and the CIS, that they started bribing companies' CEO to promote Pfizer's products.

      The Western tabloids report that the companies Wyeth (bought by Pfizer in 2009) and Pfizer HCP have breached the U.S. law that prohibits the American companies and individuals to bribe anyone in a foreign country.

      In the period from 1997 to 2006 the companies paid over $2mln in bribes in Russia, Kazakhstan, Croatia, and Bulgaria, which resulted in over $7mln "return-on-investment". The companies used bribes to promote medicines, to sign the import contracts, to facilitate the customs control, and to make sure that medicines are prescribed by doctors, Bloomberg reports.

      Pfizer will now have to pay over $60,2mln in fines, including $15mln for the legal offence.



Author: Julia Shuvalova

Tags: Russian business pharmaceutical industry in Russia Russian law   

Next Previous

You might also find interesting:

Sberbank Asset Management Launched Mobile Application
MegaFon Launched Commercial Exploitation Of a High-speed LTE Network
Sberbank Will Protect Settlements Between Buyers and Sellers
Aeroflot has Once Again Become the Most Recognizable Aviation Brand in the World
Audio Recording at the Proceedings on Civil Cases in the Russian Courts will Become Mandatory

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Flowers Delivery

search on the map
World Theatre Day  Russian sculptors  Kamensk-Uralsky  Alexander Pushkin  Russian Monuments  gold reserves  Alla Surikova  Nalchik  Russian sanctions   Mercedes-Benz Fashion Week Russia  Polytechnical Museum  nuclear physics  Mikhail Prokhorov  Exhibitions in Moscow  Architecture of St. Petersburg  Russian Cinema  Contemporary Writers  City Hunter  Andrey Zvyagintsev  Elton John  Archeology  Moscow news  Film Festivals  Arkhangelsk Region  Russian tourism  St. Petersburg  Boborovy Log  Moscow  Russian Rock Music  Japan  Russian animals  Russian media  criminality  Russian musicians  Insar  Vladikavkaz  Shopping  Russian opposition activists  Central Bank  Mathilda Kschessinskaya  Hermitage  Russian Rock  Dalnerechensk  Russian Literature  Russian business  Mstislav Dobuzhinsky  Russian history  adoption  Monuments in Danger  environment 

Travel Blogs
Top Traveling Sites