US Department of Justice looking into Pfizer’s operations in China

pharmafile | November 6, 2020 | News story | Medical Communications  

The US Department of Justice and the US Securities and Exchange Commission (SEC) are investigating Pfizer’s operations in China after it was revealed the company had made informal requests about a regulatory filing. 

According to Reuters, the Foreign Corrupt Practices Act units of the Justice Department and the SEC have requested to see these documents. The 1977 Foreign Corrupt Practices Act makes it illegal for US companies and foreign firms whose stock is traded in the US to bribe government officials in foreign countries. 

This is not the first drug maker has come under scrutiny. In 2012, Pfizer agreed to pay $26.3 million to the US Securities regulator as part of a settlement with the government after a probe into the company’s use of illegal payments to win business in China, as well as Russia, Bulgaria and Italy. 

Pfizer began its overseas operations in China in 1989 and is one of the leading international pharmaceutical companies in the country. It has a presence in more than 300 cities nationwide and employs over 11,000 people. In 2016, it unveiled its plans for a $350 million biotech hub in the city of Hangzhou. The company has also sought to expand its reach across the country; it recently made an investment of $200 million to the Hong Kong-based biotech CStone Pharmaceuticals. 

Conor Kavanagh

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