South Korea Fines Novartis AG for Kickbacks, Bans Sale of Some Drugs

Published: Mar 03, 2017

South Korea said it has fined Swiss drugmaker Novartis (NOVN.S) 200 million won ($174,937) and temporarily banned sales of some of its drugs for paying kickbacks to doctors in exchange for recommending the company's drugs.

A spokeswoman for the Ministry of Food and Drug Safety said on Thursday the ministry levied a fine on 30 drug items and banned sales of 12 variations of 3 drug types including Alzheimer's drug Exelon for three months.

The sales ban will be effective from March 17 through June 16, the ministry's website showed.

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