Bristol Myers-Squibb has agreed to pay nearly $14.2 million to resolve charges that it violated the Foreign Corrupt Practices Act by making illegal payments in China. In doing so, the company becomes the latest drug maker to get punished for paying bribes in order to boost sales in a foreign country.
The SEC has been eyeing the pharmaceutical industry for the past several years amid concerns that drug makers are paying bribes to unduly influence medical practice overseas. The issue gained particular notice two years ago when Chinese authorities fined GlaxoSmithKline nearly $500 million for paying bribes to physicians and others.
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