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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   

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