Pfizer charged with bribing overseas doctors
8/7/12 11:24 AM ET (MarketWatch)
WASHINGTON(MarketWatch) - Federal Regulators on Tuesday charged pharmaceutical giant Pfizer Inc. with allegedly bribing doctors and others employed by foreign governments in order to win business. The Securities and Exchange Commission alleges that Pfizer employees in eight countries including Bulgaria, China, Croatia and the Czech Republic, made "improper payments" to foreign officials to obtain regulatory approvals, sales, and increased prescriptions for the company's products. According to the SEC, Pfizer and Wyeth LLC, which Pfizer acquired in 2009, agreed to pay more than $45 million combined to settle their charges. In a parallel action, the Justice Department said Pfizer was fined $15 million to resolve that agency's investigation.