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Australian Device Maker Admits Error In Seeking Doctor Loans

This article was originally published in PharmAsia News

Executive Summary

Australia's OR Medical, a maker of medical devices, acknowledged it had entered a secret financial arrangement with three Melbourne physicians. Director Michael Dietrich said the arrangement involving a loan of nearly U.S. $58,000 from the three doctors who worked in a spinal clinic was wrong. He also acknowledged his firm asked the doctors to guarantee another U.S. $260,000 loan to OR Medical. The firm supplies surgically implanted devices to the clinic to ease back pain. The acknowledgements came a week after a newspaper revealed the ties. (Click here for more
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