Could Big Pharma Finally Have Met Its Match?

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Our regular readers will know that here at the Daily Health we’ve been reporting on the underhand tactics of Big Pharma for a very long time... especially when it comes to pharmaceutical companies giving incentives and offering pay- offs to anyone who's prepared to ‘push their wares’ and help them increase their profit margins.

The UK government’s Bribery Act, which came into full force on 1 July, means that Big Pharma’s dodgy dealings may very soon be a thing of the past. Or at least that’s what we’re all hoping for, since government agencies and the mainstream have been clamping down on alternative medicine (while giving Big Pharma free reign to do as it pleases) for far too long. For those of us in the natural medicine industry this legislation is a move in the right direction when it comes to tipping the balancing scales back in our favour.

End of an era

The UK Bribery Act is part of the government’s attempts to clamp down on business corruption, and it applies to both individuals as well as companies. Both UK and foreign companies are included, provided they have some operations in the UK... and offenders will be prosecuted by the Serious Fraud Office (SFO).

In short, according to the Bribery Act, it will be a criminal offence for an individual to give or receive a bribe. It will also be a corporate offence if a business is found to have failed to prevent bribery.

Bribery is defined as giving someone a financial or other type of advantage to encourage that person to perform their functions or activities improperly or to reward that person for having already done so... Sound familiar Big Pharma?

Furthermore, facilitation payments — when officials are paid to speed up routine services they are obliged to carry out — are also considered bribes... Ironically, these types of pay offs were illegal even before the Bribery Act came into force.

And what are the penalties for breaking the law?

Individuals can face up to 10 years in prison and an unlimited fine, and companies can face unlimited fines. The SFO will make sure that legal action is in the public interest and when large amounts of money come into play, experts have warned companies that a tough line will be taken!

Interestingly, a recent survey, by the consultants KPMG, showed that a third of UK companies have not yet conducted an anti-bribery and corruption risk assessment, and 71 per cent of companies believed there are some places in the world where business cannot be done without engaging in bribery and corruption...

I wonder who might think this is the accepted way of doing business? Ring any bells?

Are you listening Big Pharma?

Last month, Richard Alderman, director of the SFO, addressed the Association of the British Pharmaceutical Industry (ABPI) and singled out the UK pharmaceutical industry, noting that it was on the “high risk register” of the US Department of Justice (DoJ) and that it “will be receiving a considerable amount of attention from the DoJ.”

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Now, if that’s not a stark and serious warning, I don’t know what is...

To prove that the SFO means real business, Mr. Alderman also signalled that the SFO would be keeping a very close eye on the UK pharmaceutical industry, warning that Big Pharma should not underestimate the amount of information sharing that goes on between the SFO and the DoJ relating to these specific matters.

Mr. Alderman’s warning echoes a very similar warning issued by Lanny Breuer, Assistant Attorney General for the DoJ, made almost one year ago. Back then, Mr. Breuer warned Big Pharma at a US pharmaceutical industry conference that it was in the firing line of the DoJ. He continued to say that a new focus of the DoJ would be rooting out violations specifically in pharmaceutical companies.

Mr. Breuer’s prophetic statement was followed by a slew of pharmaceutical companies reporting that they had either received requests from, or been subpoenaed by, the DoJ for information relating to their practices in various jurisdictions.

It’s clear to me that the big guns are combining forces, and if you are a pharmaceutical company doing business in the US or the UK, be sure that your business is being scrutinized...

Ignore this warning, but do so at your own peril.

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Sources:

‘SFO’s stark warning to pharmaceutical companies: act now or take your medicine’ published online, thebriberyact.com

‘Q&A: UK Bribery Act’ published online, bbc.co.uk