Sector News

Greece files €214M bribery suit against Novartis

June 19, 2022
Life sciences

The lawsuit in Greece comes two years after the company paid the U.S. Department of Justice and the Securities and Exchange Commission $345 million to settle foreign bribery claims in several countries including Greece.
The anticipated Greek lawsuit against Novartis has been filed, with the country asking for 214 million euros in compensation from the pharmaceutical giant.

Greek Health Minister Thanos Plevris said in a statement that the Greek state is seeking compensation for the damage it has suffered “from the actions that Novartis itself has admitted to in the USA that concerns payments to doctors.” The minister added that the state reserves the right to claim any damage it has suffered with a newer lawsuit and is clear that “all sanctions against Novartis for its illegal practices will be applied,” a Greek news outlet reports.

The illegal practices alleged include bribes to former government officials and healthcare providers to drive up Novartis sales in the country. The lawsuit comes two years after the company paid the U.S. Department of Justice and the Securities and Exchange Commission $345 million to settle foreign bribery claims in several countries including Greece.

In the U.S. settlement, Novartis admitted it had used medical events and an academic study to bribe Greek officials and healthcare providers. Since the U.S. government has collected settlement money from the company, Greece wants a piece of the justice pie, too.

Novartis has had it rough lately. Just this month, a hacking group posted data allegedly from the company, although the drugmaker said no sensitive data were compromised.

By Zoey Becker

Source: fiercebiopharma.com

comments closed

Related News

December 3, 2022

Sanofi moves into swanky new Paris HQ designed around hybrid work and sustainability

Life sciences

Monday, the French pharma giant officially moved into its new global home base in Paris, dubbed La Maison Sanofi. The 9,000-square-meter (about 96,875-square-foot) facility comprises two historic buildings and will host around 500 employees, the company explained in a release.

December 3, 2022

As CEO Schultz eyes retirement, Teva taps former Sandoz head Francis as its next leader

Life sciences

On the first day of the new year, former Sandoz chief Richard Francis will take the reins from Schultz, who is hanging up his CEO hat to retire on Dec. 31, Teva said Monday. The news comes a little more than two weeks after Teva publicly said it was looking for Schultz’s replacement.

December 3, 2022

General Electric sets healthcare division spinoff plans

Life sciences

General Electric Co. set the terms for the spinoff of its healthcare division, putting an initial value of roughly $31 billion on the soon-to-be-public company. The Boston conglomerate plans to split into three separate public companies by early 2024. Following the healthcare spinoff, it plans to separate its aerospace business from its power and renewable-energy units.