Scrip is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Corporate Watchdog to Fine Pharmaceutical Companies for Unfair Practices (South Korea)

This article was originally published in PharmAsia News

Executive Summary

South Korea's Fair Trade Commission (FTC) has announced it will be taking action against 10 pharmaceutical companies for allegedly offering financial incentives to hospitals and doctors to give priority to their products. Alleged incentives included cash, rebates, dinners, and covering travel expenses. Several companies are also accused of setting wholesaler prices to keep drug costs up. The FTC has not released the exact amount of the financial penalties it will seek. Insiders speculate the fines for some companies may go as high as $108 million. These accusations are the result of a year-long investigation by the FTC into the trading practices of 11 local companies, six foreign entities, and six wholesalers. (Click here for more

You may also be interested in...



South Korean Fair Trade Commission Investigates Drug Makers For Offering Unethical Financial Incentives To Hospitals

SEOUL - South Korea's Fair Trade Commission is in the final stages of investigations into seven pharmaceutical companies including five foreign pharma companies in a series of complaints from civic groups that drug makers were offering financial incentives to hospitals and doctors to give priority to their products

EWG Study Suggests More Than One In 10 Talc-Based Cosmetics Contain Asbestos

The Environmental Working Group and Scientific Analytical Institute say inadequate testing of talc-containing personal-care products is to blame for findings of asbestos in cosmetics, including three of 21 powder-based cosmetics SAI analyzed at EWG’s request. They continue to push for updated testing standards that include electron microscopy as a core component.

Atlas Biomed Unlocking Japan’s OTC Market With Direct-To-Consumer DNA And Microbiome Tests

Can Atlas Biomed unlock Japan's self-care market with its direct-to-consumer DNA and microbiome tests? HBW Insight catches up with the company's co-founder and CEO to discuss this and also how Atlas has been driving its European expansion plans despite coronavirus. 

UsernamePublicRestriction

Register

LL1134478

Ask The Analyst

Ask the Analyst is free for subscribers.  Submit your question and one of our analysts will be in touch.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel