Pressure on Chinese pharma growth grows as Bristol-Myers Squibb overhauls sales practices
US drugmaker Bristol-Myers Squibb (NYSE: BMY) has taken steps to clean up its act after reaching a $14.6 million settlement over bribery allegations relating to the activities of its sales representatives in China.
The company promised that it had halted “certain initiatives” amid reports of an overhaul of its practices in what is the world’s second-largest pharmaceuticals market, but one which is becoming increasingly challenging for foreign drugmakers, new figures suggest.
Bristol-Myers Squibb agreed to settle charges by the US Securities and Exchange Commission (SEC) that its majority-owned Chinese joint-venture had profited by more than $11 million while violating the Foreign Corrupt Practices Act, the Financial Times reported.
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