Stock Market News

Novo Nordisk reprimanded in UK for failure to disclose payments to healthcare sector

2024.07.05 11:00

COPENHAGEN (Reuters) – Danish drugmaker Novo Nordisk (NYSE:) has been reprimanded by UK regulators for failing to disclose fees and expenses paid to individuals and organisations in Britain amounting to about 7.8 million pounds ($9.97 million) between 2020 and 2022.

The UK industry body Prescription Medicines Code of Practice Authority (PMCPA) said on Friday that the reprimand followed a voluntary submission by Novo about the payments, which related to more than 150 different bodies and included fees and expenses to health professionals and sponsorship and other payments to healthcare organisations.

Novo, whose valuation has soared following the success of its diabetes drug Ozempic and weight loss treatment Wegovy, said on Friday that it had made the voluntary admission in 2023 after it found historical payments that had not been disclosed.

“These payments are for legitimate activities but had been incorrectly categorised in finance systems as a result of human error,” the company said in a statement.

“We accept the PMCPA’s decision to rule the relevant breaches of the two Codes of Practice which applied during the timeframe for this case and agreed that this was the appropriate ruling as part of our voluntary admission.”

In March last year Novo was suspended from the Association of the British Pharmaceutical Industry (ABPI), a UK lobby group, for two years over breaches of the group’s code of practice.

ABPI linked to a website of a self-regulatory body run by the association that pointed to a complaint, alleging that Novo had sponsored courses on weight management on LinkedIn for health professionals, without making clear that it was doing so.

© Reuters. FILE PHOTO: A view shows the logo of Novo Nordisk at the company's office in Bagsvaerd, on the outskirts of Copenhagen, Denmark, March 8, 2024. REUTERS/Tom Little/File Photo

The PMCPA also said on Friday that Swiss pharmaceuticals company Novartis (SIX:) and US rival Pfizer (NYSE:) had breached the ABPI’s code of practice in more minor ways that brought discredit upon, and reduced confidence in, the pharma industry.

($1 = 0.7820 pounds)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,229.51 0.61%
ethereum
Ethereum (ETH) $ 2,667.42 4.44%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.46 3.57%
bnb
BNB (BNB) $ 638.86 2.23%
solana
Solana (SOL) $ 156.66 7.23%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.22823 6.29%
cardano
Cardano (ADA) $ 0.72482 5.94%
staked-ether
Lido Staked Ether (STETH) $ 2,664.12 4.30%
tron
TRON (TRX) $ 0.246429 1.69%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,257.52 0.53%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,192.79 4.20%
chainlink
Chainlink (LINK) $ 16.41 6.85%
stellar
Stellar (XLM) $ 0.318756 2.93%
avalanche-2
Avalanche (AVAX) $ 23.42 5.92%
sui
Sui (SUI) $ 3.06 8.09%
hedera-hashgraph
Hedera (HBAR) $ 0.219951 5.01%
litecoin
Litecoin (LTC) $ 122.76 4.41%
the-open-network
Toncoin (TON) $ 3.60 4.58%
leo-token
LEO Token (LEO) $ 9.37 3.90%
usds
USDS (USDS) $ 1.00 0.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 5.66%
mantra-dao
MANTRA (OM) $ 8.37 1.31%
weth
WETH (WETH) $ 2,669.90 4.29%
polkadot
Polkadot (DOT) $ 4.69 6.15%
hyperliquid
Hyperliquid (HYPE) $ 21.31 9.54%
bitcoin-cash
Bitcoin Cash (BCH) $ 310.62 4.56%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
bitget-token
Bitget Token (BGB) $ 4.82 3.54%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,836.24 4.11%
uniswap
Uniswap (UNI) $ 8.42 6.83%
monero
Monero (XMR) $ 233.72 0.05%
whitebit
WhiteBIT Coin (WBT) $ 27.41 0.10%
near
NEAR Protocol (NEAR) $ 3.29 2.53%
pepe
Pepe (PEPE) $ 0.000009 6.07%
bittensor
Bittensor (TAO) $ 432.62 2.33%
aave
Aave (AAVE) $ 232.53 5.77%
dai
Dai (DAI) $ 0.999847 0.03%
aptos
Aptos (APT) $ 5.73 6.88%
ondo-finance
Ondo (ONDO) $ 1.06 5.45%
internet-computer
Internet Computer (ICP) $ 6.74 4.33%
susds
sUSDS (SUSDS) $ 1.04 0.16%
official-trump
Official Trump (TRUMP) $ 14.88 7.16%
tokenize-xchange
Tokenize Xchange (TKX) $ 37.23 2.18%
ethereum-classic
Ethereum Classic (ETC) $ 19.72 4.47%
okb
OKB (OKB) $ 47.44 3.78%
mantle
Mantle (MNT) $ 0.852066 7.15%
gatechain-token
Gate (GT) $ 22.47 3.53%
sonic-3
Sonic (prev. FTM) (S) $ 0.828575 0.99%