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Article: Foreign Corrupt Practices Act: High Risks For Medical Device Industry.
- Article from:
- Mondaq Business Briefing
- Article date:
- June 11, 2007
CopyrightCOPYRIGHT 2007 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In a recent public announcement, Johnson & Johnson disclosed that it may have violated the Foreign Corrupt Practices Act ("FCPA") and had reported potential violations to the Department of Justice and the Securities and Exchange Commission ("SEC"). Johnson & Johnson's disclosure highlights the risks of FCPA violations for the medical device industry. It also reflects a broader trend of increased FCPA enforcement, as do recent cases involving multi-million dollar fines.
Risks for medical device industry
Medical device companies are particularly at risk with respect to FCPA violations. In many parts of the world, hospitals and clinics are ...