Thursday, May 7, 2015

Chinese Authorities Investigate Possible Corruption of Philips

Chinese authorities have started an investigation of Philips in China in view of possible corruption in the medical sector.  Last year, there was an investigation of Siemens conducted by the authorities in order to determine whether there was corruption in buying expensive parts for some medical devices.  Bloomberg news service now says that Siemens, Philips and General Electric, together control 80% of the medical device industry in China. Last year, the pharmaceutical firm Glaxo-Smith-Kline was fined almost $500 million dollars due to bribes paid in order to sell pharmaceuticals. The investigation of Philips in itself, however, should not be confused with actual corruption.

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