Glaxo's $3bn misdemeanour | AccountingWEB

Glaxo's $3bn misdemeanour

Glaxo Smith Kline has admitted criminal misdemeanours in the United States and agreed a settlement which will cost it US $3bn (approaching £2 billion) in criminal and civil fines and restitution.  It has also accepted increased supervision of its activities in the US over the next 5 years aimed at avoiding further wrongdoing.

Essentially Glaxo has admitted that it promoted the use of two anti-depressant drugs for the treatment of types of patients for whom those drugs had not been authorised, held back unhelpful clinical data relating to another of its drugs, and paid kick-backs and provided other inducements to doctors to prescribe its drugs in preference to those of other manufacturers.  The misconduct occurred between 1997 and June 2010.  Further information can be found HERE.

This is the largest healthcare fraud settlement in US history.  By reaching this agreement with the US authorities Glaxo has avoided prolonged litigation which would have had an uncertain outcome and potentially would have been even more damaging to the company's reputation.



Does GSK need to be added to the FATF list?

Huw Williams | | Permalink


If what they have done is so bad, does that mean that we can no longer deal with GSK companies lest we be considered to be dealing with the proceeds of crime.

Is there a list of such companies we should avoid (like the list of countries we should be very wary of)?

What about GSK products - do we need to boycott them and, if so, how do we find out what they are?  And does this only apply to the office medical cabinet or, as we have found out about this in a professional capacity, should we also clear out suspect drugs at home?


PS Is there a symbol for "tongue-in-cheek"


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