The PharmaCertitfy™ Team
The shopping’s completed, the packages are wrapped and now its time to gather around the fire or Christmas tree with family and friends to sing carols and share a story or two. We have some stories from the week to share with all of you, our friends out there on the ‘Interwebs.’ So throw some tinsel around your monitor and join us around the virtual tree, as we kick off this week’s News in Review!
Did you hear what I heard? The Department of Justice announced that they recovered $3 billion during this fiscal year, under the False Claims Act. Of the $3 billion, $2.4 billion represented fraud against the federal healthcare programs. The pharmaceutical industry represented the lion’s share of that total with $1.8 billion coming from the industry.
Some drug makers will have more of a Blue Christmas than others. Facebook blue that is. A new study, ranking the social media status of major pharmaceutical companies, compared a company’s overall promotional spending compared with its Facebook and Twitter following. Pfizer ranked number one, but the study found that a large promotional budget was not necessary to have a strong social media presence. The study also found that the number of tweets and status updates do not necessarily correlate to the number of followers.
Senators Grassley, Kohl and Blumenthal are looking for the naughty and nice aspects of several recent medical device recalls. The group sent investigative letters to three device makers inquiring about their recall and post market surveillance practices.
Anti-corruption was certainly a hot topic over the last year. Check out this list (and check it twice if you like) of the top FCPA enforcement actions of 2011.
They may not have being Rocking Around the Christmas Tree, but a group of corporate counsel gathered to discuss the legal issues keeping them up late enough at night to hear Santa’s reindeer click. Banking and insurance industry reps discussed Dodd-Frank while pharmaceutical industry reps brought up the use of the Park Doctrine to charge executives personally for failing to prevent wrong-doing within their companies. Cross industry concerns over the rapidly rising costs of litigation and e-discovery were discussed as well.
This time of year may bring Joy to the World, but sometimes international business presents less than joyful challenges. Businesses overseas face the challenge of cultural expectations around bribery and the FCPA. While most cultures would eschew the acceptance of bribery, in practice, there are instances when bribes are part of the business landscape. Part I of the two-part article covers enforcement considerations when dealing with cultures in which such behavior is considered standard practice.
And with that, we wrap up this week’s Review! The Week in Review will be taking a break next week, so we want to thank you all for following us and we look forward to bringing you more news in 2012. Until then, we wish you the happiest of holidays and a healthy New Year!