Novartis Slapped With New $49m Fine For Korea ‘Rebates’
Novartis's South Korean subsidiary has been hit with a new fine of around $49m and reimbursement suspensions for a number of its drugs under a new ministerial action related to illegal "rebate" payments made to prescribers.
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South Korea continues efforts to root out illegal rebate payments for drugs and to step up the pharma industry's ethics and social responsibility by revising relevant rules, but in a way that doesn't harm patients' health.
In its ongoing clamp down against illegal rebate activities in the domestic pharmaceutical industry, South Korea cuts prices of Dong-A ST’s drugs. This follows recent punitive measures against Novartis' Korean subsidiary.
In another blow to Novartis, South Korea's Fair Trade Commission has imposed a fine on the South Korean subsidiary of the Swiss firm for carrying out unfair promotion of its products at meetings for medical professionals.