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Most risk management professionals know the adage, “An ounce of prevention is worth a pound of cure.” But in the digital age, you need more than an ounce of prevention when it comes to mitigating regulatory and reputational risk . It’s a lesson learned the hard way by one of the largest...
Just three years ago, Teva Pharmaceuticals, a drug-maker in Israel, disclosed to both the U.S. Securities & Exchange Commission and the U.S. Department of Justice that an on-going internal probe had revealed possible violations of the Foreign Corrupt Practices Act (FCPA) and/or local laws. Ultimately...
Recent allegations that Novartis bribed doctors in Greece serve as a reminder that the pharmaceutical industry has a high risk of bribery and corruption. We look at the reasons behind the risk, and how companies can enhance compliance risk mitigation.
New markets for pharma increase bribery and corruption...
Pharmaceutical, Life Sciences, Bio-Technology—all of these industries face great challenges when it comes to proactively mitigating risk. When PwC interviewed Horizon Pharma president and CEO Timothy P. Walbert for its annual CEO Survey, Walbert acknowledged the difficulties saying, “Whether...
The sharks are circling. On the heels of last fall’s announcement of a $14.7 million payment for FCPA violations in China by Bristol-Myers Squibb, compliance investigators are paying even closer attention to the Pharmaceuticals and Life Sciences industries. Forbes noted that Teva Pharmaceuticals...
Would you set sail with your family without reassuring yourself that the boat is well-equipped to reach your destination safely? Probably not. Yet, time and again, we see proof that companies voyage into the global business operations with a limited view of potential compliance threats. In recent years...