80,000 Novartis Paychecks $$$

The government has argued that many of the events took place in venues that are “not even conducive to an educational event,” including a Hooters restaurant, and that they included “lavish meals” that could be considered kickbacks. Program slides weren't presented at every event, and physicians sometimes were paid an honorarium even when the event was not held, prosecutors allege.

 

yeah cause when I think of paying off doctors I think of a $10 plate of wings at Hooters.

 

yeah cause when I think of medical 'educational programs' I think of beer & wings at hooters

 

New Prosecutor Brings Quinn Emanuel Mojo to NY AG's Office

After helping win $20 billion in settlements from banks that contributed to the financial crisis, Manisha Sheth will use her skills on behalf of New York state.



Manisha turning against her former client??? Say it isn't so!

What did she learn about NVS to want to switch to the other side?

 

US SDNY doesn't fuck around, NVS should have settled this over a year ago
A jury seeing all these BS pharma shenanigans wouldn't need more than 8 seconds to deliberate

Business | Sat Apr 9, 2016 4:44am EDT
Related: REGULATORY NEWS, BREAKINGVIEWS
Wells Fargo admits deception in $1.2 billion U.S. mortgage accord
BY JONATHAN STEMPEL
Wells Fargo admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.

Wells Fargo on Feb. 3 said the settlement would reduce its previously reported 2015 profit by $134 million, to account for extra legal expenses.

The case is U.S. v. Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 12-07527.

 

Is there now a settlement discount for admitting guilt?

 

During the good old days of the STAR report my Ciba Novartis counterparts had 2 to 3 programs a week. "Programs" is the keyword here. It was more like 4 reps, 1 speaker and 8 uncooked steaks and unopened bottles of wine going home for their significant others. Upon completion of the programs, names from their target list were added and false attendance sheets were created. This practice was then followed by other pods, who put their jobs in jeopardy for the sake of not upsetting the likes of Cindy Patton and Joe Bonnacorso (pardon spelling).

Novartis stock it's at an old time low (60 months) The sales of Entresto are a joke and now we are on the verge of getting slap by yet another lawsuit.

Time for a change!

 

Most likely!!
That way everyone "wins" :-((

 

Managers signed off on these dubious programs some even attended the apparent events

 

China
Additionally, Sandoz China utilized “patient studies,” so-called form phase IV or epidermatologic studies that companies undertake to collect and analyze patient medical data. Here, Sandoz China allegedly paid HCPs approximately $522,000 from 2009 to 2010 to undertake these programs for the “stated purpose of better understanding” particular Novartis products. According to the SEC, however, senior sales and marketing colleagues were involved in the design and execution of the programs, which violated Novartis policy, and the studies “did not provide any legitimate medical data,” operating instead as another vehicle for “financially reward[ing] HCPs” for prescriptions.
Then
Just days after its resolution with the SEC—and in the context of the Company’s ongoing review of concerns in South Korea, where local officials visited Novartis facilities in connection with suspected bribery—the media reported corruption concerns related to Novartis in Turkey (allegations the Turkish authorities are now reportedly investigating), where a whistleblower has alleged the Company paid bribes via a consulting firm.

 

Surprise?
Snoooooozzzzzzzz !

 

By far the biggest peril is from a lawsuit being pursued by Preet Bharara, the formidable US attorney-general for the southern district of New York. He has accused Novartis of funnelling kickbacks to prescribers through as many as 80,0000 “sham” educational meetings where doctors were wined and dined.

Mr Bharara, has already secured a $390m settlement from Novartis in a separate case last year, and Andrew Baum, analyst at Citigroup, says there is a “high probability” of another fine that could be similar in scale to the record $3bn paid by GlaxoSmithKline to the US justice department in 2012.

 

How many cows died to feed those hungry hungry docs?

 

I vouch for this poster, and remember those days well. Most programs were conducted in this manner due to the sheer volume we were required to have to show "productivity." Most doctors didn't have time for this crap and didn't attend.....so to keep a job, we had to do something to show "activity" in order to receive a good annual review from your slave driving manager. Novartis new damn well this shit was going on, and turned a blind eye to it. Corruption!

 

I vouch for this poster, and remember those days well. Most programs were conducted in this manner due to the sheer volume we were required to have to show "productivity." Most doctors didn't have time for this crap and didn't attend.....so to keep a job, we had to do something to show "activity" in order to receive a good annual review from your slave driving manager. Novartis new damn well this shit was going on, and turned a blind eye to it. Corruption!

 

Further uncertainty comes from the investigations facing Novartis over suspected marketing abuses in the US, Turkey and South Korea. That is on top of a $25 million settlement paid to the US Securities and Exchange Commission last month for bribery in China and a suspension of its business in Japan for manipulating clinical trial data.

 

"could be similar in scale to the record $3bn"

LET.
THAT.
SINK.
IN.

 

Innsufficient amount for defrauding the unites states healthcare system & taxpayers for 2 decades

 

As the focus on pharma continues, the Novartis resolution acts as a reminder that lesser “things of value” may draw significant regulatory scrutiny, even in China — a market where, in view of its challenges, companies may believe regulators will tolerate some level of fraud. For example, the Novartis resolution cites (alongside more egregious allegations) “favors for families of HCPs,” incidents involving less than $2,000 in fraud, and holiday gifts amounting to less than $50 per HCP

 

Going to get worse now that they have the ability to touch patients. Wait for it.
First audit started 4/18 internally. Many more to come and not from within.