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Pharma giant Pfizer fined for bribing officials in Eastern Europe and China

Published: August 8, 2012
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Source: RawStory

The US charged Pfizer and its subsidiary Wyeth on Tuesday with paying millions of dollars in bribes to build their business in Eastern Europe and China, and set hefty fines on the two to settle the charges.

The Department of Justice and the Securities and Exchange Commission both said Pfizer subsidiaries paid off officials, doctors and healthcare professionals in Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia during 2001-2007 in violation of the US Foreign Corrupt Practices Act.

Employees of subsidiaries made the payoffs to secure approval and registration of Pfizer and Wyeth products, and obtain sales contracts for them, according to court filings and statements from the department and SEC.

“Pfizer subsidiaries in several countries had bribery so entwined in their sales culture that they offered points and bonus programs to improperly reward foreign officials who proved to be their best customers,” said Kara Brockmeyer, head of the SEC’s Foreign Corrupt Practices Act Unit.

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