Jan 18, 2023
Back in 2012, the Securities and Exchange Commission (SEC) charged Pfizer with violation of the Foreign Corrupt Practices Act of 1977 (FCPA). The regulator accused the drug giant of bribing medical professionals in other countries to win deals. An Aug. 7, 2012 press release by the SEC elaborated on the charges. It alleged that "employees and agents of Pfizer's subsidiaries in Bulgaria, China, Croatia, [the] Czech Republic, Italy, Kazakhstan, Russia and Serbia made improper payments to foreign officials to obtain regulatory and formulary approvals, sales and increased prescriptions for the company's pharmaceutical products." Moreover, the SEC also accused Pfizer of concealing the bribes "by improperly recording the transactions in accounting records as legitimate expenses for promotional activities, marketing, training, travel and entertainment, clinical trials, freight, conferences and advertising." "These charges illustrate the pitfalls
