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The pharmaceutical sector is one of the most-at risk industries for bribery and corruption. In a new White Paper, we look at some of the recent bribery enforcement actions against pharma firms and strengthened anti-bribery legislation. And we suggest ten steps for enhanced risk mitigation.
Rising risk of bribery enforcement
Pharma is one of the most at-risk industries for bribery and corruption enforcement. In 2016 Teva Pharmaceutical paid $519 million to settle U.S. charges of bribery in Mexico and Ukraine. This is still the eighth highest FCPA-related fine of all time. In September this year, French firm Sanofi agreed to pay more than $25 million to settle charges that its Kazakhstan and Middle East subsidiaries made corrupt payments to win business.
Outside the U.S., regulation is strengthening, most notably in the UK’s Bribery Act of 2011 and France’s Sapin II law. And earlier this year, Israel’s regulatory authorities fined Teva and additional $22 million. It has never been more important that firms have a good due diligence and risk monitoring process in place.A risk mitigation checklist for pharma
Our new white paper explores recent pharma enforcement actions in more detail and outlines best practices for mitigating risk—from implementing training for staff and third parties agents to implementing due diligence and ongoing monitoring aligned to the risks you face. Download the white paper today to find out more.