Novartis to pay $50M, lose some drug coverage in Korean bribery probe

Fierce Pharma ------- For more than a year, Novartis has been under investigation in Korea for allegedly bribing doctors to pump up sales. Now, the Swiss drug giant is learning about its punishment in the country as authorities there decided to issue a fine of nearly $50 million. On a preliminary basis, Korea’s Ministry of Health & Welfare (MHW) has fined Novartis 55 billion Korean won, approximately $50 million, and suspended reimbursement of Exelon and Zometa. The final decision is expected by the end of May. Previously, authorities were weighing a suspension of the company’s big-selling cancer med Glivec, according to The Korea Times, but feared that move would leave some 3,000 to 5,000 chronic myeloid leukemia patients with no other options. To learn more click on the picture below to read the article.