Ed Silverman in Stat+, 12 Feb 2025
Between 2011 and 2020, 10 of the world’s largest pharmaceutical companies paid a combined $1.34 billion in fines to the U.S. government for bribing foreign officials in order to boost purchases of their medicines. The law that made it possible is the Foreign Corrupt Practices Act, which has been credited with making changes in long-standing industry business practices.
Now, though, President Trump has hit the pause button. In an executive order issued on Monday, federal authorities were instructed to halt new investigations and enforcement actions while U.S. Attorney General Pam Bondi reviews existing probes and, notably, assesses the extent to which the law promotes “American interests” and “economic competitiveness.”
The move comes amid ongoing criticism by the wider US business community that the law, which was enacted in 1977, causes unnecessary expenses for American corporations and makes them less competitive in overseas markets. “It sounds good on paper, but in practicality, it’s a disaster”, Trump said about the law after signing the order.
More here but firewalled
Leave a Reply