GlaxoSmithKline (“GSK”) reached a settlement with the Chinese government in 2014 related to bribes and improper actions taken by company officials. Recently, GSK reached an agreement with the United States Securities and Exchange Commission for allegations that GSK violated the FCPA. While the SEC settlement is nowhere near the value of the 2014 Chinese settlement, they are both worth taking a look at.
Not long after GlaxoSmithKline plc (“GSK”) settled with the U.S. Department of Justice (“DOJ”) for three billion dollars, the Company found itself in serious trouble in China. The allegations were that GSK had developed schemes spanning a period of years involving the transfer of money, gifts, and other items of value to health care professionals. According to the SEC, as well as the Chinese authorities, this led to GSK receiving millions of dollars in increased product sales to China’s state health institutions.
Read Full Article in the November 2016 Issue of Life Science Compliance Update