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Navigating the FCPA in Healthcare and Life Sciences
In 2012, companies and executives operating in the healthcare and life sciences industries had an outsize presence in Foreign Corrupt Practices Act (FCPA) enforcement actions. Given recent Department of Justice (DOJ) and Securities and Exchange Commission (SEC) pronouncements, coupled with more companies deciding to voluntarily disclose and seek greater leniency by providing information regarding their employees and competitors, it appears that the world of healthcare, pharmaceuticals, and medical devices will continue to figure prominently in FCPA enforcement.
Recent Enforcement Actions
During 2012, the government collected over $260 million as a result of FCPA-related enforcement actions. The life sciences and medical device industries accounted for over half that amount. Jeffrey Benzing, “Corporate FCPA Penalties Continued to Fall in 2012,” Main Justice and Just Anti-Corruption (Jan. 3, 2013), available at http://tinyurl.com/c7cx7yo. Of 12 new enforcement actions against companies in 2012, six involved life sciences and medical devices ' Biomet, Eli Lilly, Orthofix, Pfizer/Wyeth, Smith & Nephew, and Tyco. So far in 2013, the DOJ and the SEC have publicized FCPA enforcement actions against several companies, one of which was Koninklijke Philips Electronics, a Netherlands-based healthcare company. Order Instituting Cease-and-Desist Proceedings, In re Koninklijke Philips Electronics N.V., 2013 WL 1384548 (Sec. and Exchange Comm'n Apr. 5, 2013).
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