The disclosure of ‘transfers of value’ in the life sciences sector

Investigations have recently been reported into allegations that millions of pounds worth of bribes have been paid to boost drug sales in China. This has focused attention sharply on the rules regarding transfers of value between pharmaceutical companies and healthcare professionals and their organisations. Whether there has been any offence committed under the Bribery Act 2010 in the recent example is unclear. However, it is a reminder that having in place a suitable international anti-bribery policy is essential for a company wishing to show that it has ‘adequate procedures’ in place to prevent bribery.

For pharmaceutical companies used to complying with the ABPI’s code, the advent of the Bribery Act two years ago required them to take a step back and consider the potential bribery risks connected with their businesses in a broader context than just the code. However, in a climate of ongoing concern about a lack of transparency, the code is itself now due to be strengthened to require greater disclosure relating to ‘transfers of value’.

This follows the release by the European Federation of Pharmaceutical Industries and Associations (EFPIA) on 2 July 2013 of its disclosure code on transfers of value to healthcare professionals (HCPs) and healthcare organisations (HCOs). The code requires all members of EFPIA to disclose transfers of value to HCPs and HCOs as of 2016 regarding all transfers in 2015…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer

Overview

5 New Street Square
London
EC4A 3TW
UK
http://www.taylorwessing.com

Turnover (£m): 228.00
No. of lawyers: 860
Jurisdiction: UK
No. of offices: 4
No. of qualified lawyers: 67 (International 50)

Jobs