FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» The stock market can be a great place to make money; it can also be a great place to lose money. Stock market for beginners
by D.G.Dayaratne Today at 7:33 am

» BROWNS INVESTMENTS PLC (BIL.N0000)
by MoneyLover Yesterday at 7:16 pm

» What is "Introductions" in Upcoming listing in CSE?
by Nandun Yesterday at 1:46 pm

» Glove stocks fall after Top Glove posts weaker 4Q results
by ResearchMan Yesterday at 1:37 pm

» KOTAGALA PLANTATION
by stockchaser Yesterday at 8:03 am

» LOFC AND CLC Target Price??
by Captain Fri Sep 17, 2021 9:17 pm

» Top Foreign Trading today
by SAGA Fri Sep 17, 2021 6:32 pm

» Top crossings today
by SAGA Fri Sep 17, 2021 5:01 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Sunimal Fri Sep 17, 2021 12:52 pm

» Amana Takaful ATL & ATLL
by kanishkaecomm Fri Sep 17, 2021 12:17 pm

» Best Time to Collect Cic X
by Value Pick Fri Sep 17, 2021 8:15 am

» Why is First Capital Holdings being dumped?
by Berryfund Fri Sep 17, 2021 6:29 am

» AGST can move
by Zayden River Thu Sep 16, 2021 11:58 pm

» COMMERCIAL CREDIT AND FINANCE PLC (COCR.N0000)
by newone Thu Sep 16, 2021 11:57 pm

» AGSTAR PLC (AGST.N0000)
by Zayden River Thu Sep 16, 2021 11:57 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Bakkabwoi Thu Sep 16, 2021 8:10 pm

» Twitter accounts related to the stock market
by Bakkabwoi Thu Sep 16, 2021 8:09 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by xhunter Thu Sep 16, 2021 7:55 pm

» LOFC LOFC LOFC
by madukp Thu Sep 16, 2021 6:49 pm

» How Equity Emerged the Top Asset Class During a Pandemic
by samaritan Thu Sep 16, 2021 6:30 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » GSK sets new record for the largest fine in US criminal history

GSK sets new record for the largest fine in US criminal history

Go down  Message [Page 1 of 1]

CSE.SAS

CSE.SAS
Global Moderator
GlaxoSmithKline Plc (GSK) maker of popular pain killer Panadol on Monday pleaded guilty to misdemeanor criminal charges and agreed to pay $3 billion in the largest case of healthcare fraud in U.S. history, reported Reuters News Agency as Hon Kong authorities demanded the company totally recall its popular drug Augmentin from the market

GSK agreed to plead guilty to three misdemeanor criminal counts, one each related to three drugs and pay USD 3 billion in settlement in US courts, as Chinese authorities demanded, for the second time, that it recall the drug Augmentin which was found to contain plasticizers.

The British drugmaker pleaded guilty to breaking U.S. laws in the development and marketing of pharmaceuticals by aiming Paxil, an antidepressant, to patients under age 18 when it was approved for adults only, and for pushing Wellbutrin, another one of its drugs, for weight loss and treatment of sexual dysfunction, uses it was not approved for, the investigation led by the U.S. Justice Department found.

GSK pleaded guilty to deceiving the public by distributing a misleading medical journal article. Moreover, the company accepted that it had gone to extreme lengths to promote the drugs, providing doctors with meals and spa treatments that amounted to illegal kickbacks, prosecutors said.

In the case of the diabetes drug Avandia, GSK failed to give the U.S. Food and Drug Administration safety data in violation of U.S. law, prosecutors said.

In an earlier ruling, Hong Kong’s Department of Health last month ordered GlaxoSmithKline Limited (GSK) recall from its consumers another UK-made antibiotic for paediatric patients, Augmentin powder and syrup due to the detection of two plasticizers in the product. Now, GSK has been ordered to recall 375mg tablet forms of Augmentin for the same reason.

The plasticisers under scrutiny include DEHP (diethylhexyl phthalate), DIDP (diisodecyl phthalate) and DINP (diisononyl phthalate), according to Hong Kong’s Department of Health. Analyses carried out by Hong Kong’s Government Laboratory found levels of DIDP in samples of Augmentin up to 2.7 parts per million, as well as 1.1ppm of DEHP and 3.5ppm of DINP.

In the US case against GSK prosecutors said that the misconduct beginning in the late 1990s continued for years and, in the case of Avandia’s safety data, through 2007. Guilty pleas in cases of alleged corporate misconduct are exceedingly rare, making GSKagreement especially unusual.

James Cole, the No. 2 official at the U.S. Justice Department called the agreement to settle "unprecedented in both size and scope," describing the action as "historic" and "a clear warning to any company that chooses to break the law."

The GSK settlement which includes $1 billion in criminal fines and $2 billion in civil fines surpasses what had been the largest criminal settlement involving a drugmaker in U.S. history. In 2009, Pfizer Inc agreed to pay $2.3 billion to settle allegations it improperly marketed 13 drugs.

As part of the settlement, GlaxoSmithKline agreed to new restrictions by the U.S. government to prevent the use of kickbacks or other prohibited practices. The inspector general of the U.S. Department of Health and Human Services will oversee the "Corporate Integrity Agreement" for five years.

Almost exactly a year ago GSK agreed to pay nearly $41 million to 37 states and the District of Columbia in an unrelated case about substandard manufacturing processes at a Puerto Rico factory. In 2010, the company took a $2.4 billion charge in connection with Avandia to settle claims from patients.

The case is U.S. v. GlaxoSmithKline LLC, U.S. District Court for the District of Massachusetts, No. 12-cr-10206.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56114

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum