(Yicai Global) Dec. 4 -- The Shanghai Administration for Industry and Commerce has fined biopharmaceutical firm Sino-American Shanghai Squibb Pharmaceutical Co. CNY100,000 (USD15,200) for bribery and confiscated illegal income of CNY770,000 (USD116,700), Health Times reported on Dec. 1.
On Aug. 27, 2015, the company paid a total of CNY57,100 to the director of cardiology at Xinhua Hospital, part of Shanghai Jiaotong University's School of Medicine, for him to obtain business-class tickets to fly to and from London and attend the European Society of Cardiology Congress, the administration said.
Since then, the hospital's cardiology department has purchased fosinopril sodium tablets and five other types of drugs from the company for a total of CNY772,500. The Shanghai Yangpu Market Supervision Bureau determined that the flight tickets were kickback to incentivize the drug sales.
Bristol-Myers Squibb Co. [NYSE:BMY], China National Pharmaceutical Foreign Trade Corp. (Sinopharm) and Shanghai Pharmaceutical Group Corp. founded Sino-American Shanghai Squibb Pharmaceutical in October 1982 and it officially entered operation in October 1985. It is the first China-US joint venture pharma firm in China and alongside pharmaceuticals covers consumer products, nutrition and medical devices.