PeachParts Mercedes-Benz Forum - Ain't the US drug industry great?

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Ain't the US drug industry great?

Makes one proud to be an American. Right.

http://www.wimp.com/pharmaceuticalindustry/

Gee, i wonder if, in the effort of being balanced, Al jahzeera will do a story on how teh Taliban, great holy leaders of afghanistan collaborate with al quida to sell opium poppy output into the world illicit drug market.....................

Quote:

Originally Posted by kip Foss (Post 2525294)

Makes one proud to be an American. Right.

http://www.wimp.com/pharmaceuticalindustry/

There is fraud in every industry and every country. There is fraud in every place that has 1 or more human beings. Yes, people also screw themselves over. If you are that ashamed, go somewhere else and let us know where that place WITHOUT any fraud is because I would sure like to go there myself.

The US Department of Justice and the Securities and Exchange Commission have jointly launched a probe into allegations that certain pharmaceutical firms - including GlaxoSmithKline, AstraZeneca and Merck - have breached the Foreign Corrupt Practices Act (FCPA), the purpose of which is essentially to curb bribery.

The investigation is focused on whether the activities of certain pharmaceutical groups outside of the US are in violation of the FCPA and thus amount to corruption and bribery, which could trigger fines of millions of dollars within the industry if any are indeed found to fall foul of the law.

For example, the DoJ is paying close attention to whether any corrupt payments have weighted the reliability or integrity of clinical data from studies undertaken outside of the US, law group Arnold & Porter told the Financial Times, particularly as the majority of regulatory approvals include at least such one trial. In addition, hospitality practices are also said to be under the microscope.

In a statement to PharmaTimes World News, AstraZeneca confirmed that it is part of the DoJ and SEC investigation into adherence with the FCPA, and that is is "co-operating with inquiries". However, the company added that it did not think it is appropriate "to comment at this time on matters that are the subject of the DOJ and SEC inquiries.”

A spokesperson for GSK told PharmaTimes World News that it indeed received a letter relating to the investigation back in April, but stressed that in this particular instance, and from a GSK perspective, the enquiries are very much at a preliminary stage, whereas other drug companies already have ongoing interactions with the DoJ and SEC. Merck also disclosed that it has received inquiry letters in relation to activities in a number of countries in a recent quarterly SEC filing.

News of the probe doesn’t seem to have caused too much fright among analysts. “Even if the industry is found to have crossed some lines, we take examples from similar FCPA investigations that to conclude the investigation is likely to take a number of years and could result in penalties that the industry should be able to absorb easily,” Savvas Neophytou of Panmure Gordon told The Independent.

Aklim, I have lived and traveled in many countries in my 20 years overseas and all have some form of corruption. That does not mean that the US has to follow. Your 'go somewhere else' comment sounds like something out of the 1960's. The idea is not to 'love it or leave it' but to 'love it and improve it'.

Quote:

Originally Posted by kip Foss (Post 2526635)

My point is that if you can find somewhere else that doesn't have that issue AND is populated by humans, I will be happy to go there myself. I realize that as long as there are humans, there will be issues. You can keep it at bay TO A POINT but it will always be there. It is like the "Rock of Sisyphus". He never gets it to the top of the hill and have it stay so his task is done.

The world is full of all sorts of evil deeds and miscreants but one does not have to stoop to their level. Because they stone adulterers in Pakistan and have honor killings in Lebanon does make it right. As your parents might have told you, "Just because your friends jump off a cliff doesn't mean you should".