Poor Novartis, Roche and Serono. An investigation is underway to examine allegations made in Paul Volckers final report on the United Nations Oil-for-Food program, that these Swiss Big Pharma companies offered kickbacks (or "after-sales service," as quaint Iraqi government officials termed it) to the Iraq government in exchange for business.
So. How much?
Well:
Novartis paid $135,836 in kickbacks for sales of $1.6 million (8%).
Roche: $296,225 for sales worth $3.4 million (9%).
On top of that, Roche's diagnostics unit paid $184,618 for sales of $1.4 million (13%).
Finally, Serono paid $859, 001 for selling goods worth $9.5 million (9%).
That's a lot of after sales service! Kudos to Novartis for getting the best deal.
http://money.iwon.com/jsp/nw/nwdt_rt_top.jsp?cat=TOPBIZ&src=704&feed=dji§ion=news&news_id=dji-00063420051028&date=20051028&alias=/alias/money/cm/nw
2 comments:
There are other Big Pharma companies named in the report!
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