| Author | Message | ||
     Telugu_times Moderator Username: Telugu_times Post Number: 40163 Registered: 02-2008 Rating: N/A |
HONG KONG (CNNMoney) Like many other multinationals over the past few decades, GlaxoSmithKline came to China for the chance to sell to 1.3 billion new customers in the world's fastest growing drugs market. The company has invested heavily here, setting up clinical centers and research facilities in Tianjin and Shanghai. The drugmaker boasts that it has spent more than 1 billion yuan on research and development in China. GlaxoSmithKline now stands accused of orchestrating a massive bribery and corruption scheme that included hundreds of millions of dollars in kickbacks in China. Four of the company's top executives have been detained by police and others have reportedly left the country. It's not yet clear how much damage the scandal will do to GSK's reputation or bottom line. But the episode underscores the challenges of doing business in China, an enormous, rapidly developing market in which bribes and corruption are often deeply ingrained. "There are certain industries where corruption is still very common," said Ben Cavender, an associate principal at China Market Research Group. The pharmaceutical industry, he said, is one in which bribery is endemic http://money.cnn.com/2013/07/16/news/china-bribery-gsk/index .html?hpt=hp_t3 ignore spam. |
