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Glaxo to End Fees to Doctors in Marketing Practices Overhaul
Source: Bloomberg News
Glaxo to End Fees to Doctors in Marketing Practices Overhaul (2)
By Makiko Kitamura and Kristen Hallam December 17, 2013
GlaxoSmithKline Plc (GSK) will stop paying doctors to promote its medicines amid Chinese government accusations that the U.K. drugmaker bribed physicians, a year after the company admitted to marketing offenses in the U.S.
Glaxo plans to stop direct payments to doctors for giving speeches and attending medical meetings by early 2016, the London-based company said today in a statement. The company will also introduce a new compensation program for sales representatives who deal directly with those who prescribe medicines.
“In terms of gathering goodwill and repairing image, it’s definitely a step in the right direction, and I would expect other large pharma companies to start looking at this policy as well,” said Sudip Hazra, an analyst in Kepler Cheuvreux’s environmental, social and governance research team in Paris. The policy is also “a good long-term measure to protect the company” given the risk of more corruption investigations in other emerging markets, Hazra said.
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By Makiko Kitamura and Kristen Hallam December 17, 2013
GlaxoSmithKline Plc (GSK) will stop paying doctors to promote its medicines amid Chinese government accusations that the U.K. drugmaker bribed physicians, a year after the company admitted to marketing offenses in the U.S.
Glaxo plans to stop direct payments to doctors for giving speeches and attending medical meetings by early 2016, the London-based company said today in a statement. The company will also introduce a new compensation program for sales representatives who deal directly with those who prescribe medicines.
“In terms of gathering goodwill and repairing image, it’s definitely a step in the right direction, and I would expect other large pharma companies to start looking at this policy as well,” said Sudip Hazra, an analyst in Kepler Cheuvreux’s environmental, social and governance research team in Paris. The policy is also “a good long-term measure to protect the company” given the risk of more corruption investigations in other emerging markets, Hazra said.
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Read more: http://www.businessweek.com/news/2013-12-17/glaxo-to-end-payments-to-doctors-amid-marketing-practices-review