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
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