David SellForeign language teachers will be happy to learn that a European pharmaceutical industry executive told Bloomberg News that drugmakers are reacting to the GlaxoSmithKline scandal in China by hiring more Chinese-speaking personnel. A link to the story is here.
Bloomberg reported that Chinese police and prosecutors are looking into whether now-former GSK British national Mark Reilly helped set up and expand sales departments that offered bribes to doctors in return for prescribing drugs. GSK, which has operations in and around Philadelphia, is based in London and also faces a U.K. criminal probe. GSK has said it is cooperating with authorities in those countries.
“Some companies are having more Chinese people in key positions,” said Richard Bergstroem, director general of the Brussels-based European Federation of Pharmaceutical Industries and Associations, according to Bloomberg. “In order to do audits further down in the organization, and in order to understand what’s going on, they need people on the ground. Preferably you have someone who speaks the local language.”
David SellTeva Pharmaceutical Industries Ltd., will send out chief financial officer Eyal Desheh to juggle, er, talk to analysts Tuesday when he and they gather at the Goldman Sachs 35th Annual Global Healthcare Conference in Rancho Palos Verdes, Calif.
Desheh might as well be juggling because Teva has a lot of balls in the air.
Last week, Teva said it would acquire privately held Labrys Biologics, Inc. for $200 million up front and as much as $625 million more if Labrys' key drug for migraine pain pans out.
David SellDrugmaker Merck & Co., said Monday morning that it will buy Idenix Pharmaceuticals, Inc. for about $3.85 billion.
The deal values Idenix at $24.50 per share.
Merck is based in Whitehouse Station, N.J., and has facilities in the Philadelphia region.
David SellPhiladelphia attorney Stephen Sheller is a scourge of the pharmaceutical industry because he and other lawyers in his firm help whistleblowers expose bad or illegal activities of drug companies and bring product liability lawsuits.
The laws designed to help protect patients and taxpayers also encourage whistleblowers by giving them a portion of the penalties paid by drug companies. An attorney then gets paid from the whistleblower's share.
Sheller and his wife, Sandra, passed on some that cash recently with a $2.5 million gift to expand the Drexel University 11th Street Family Health Services Center in North Philadelphia. The gift was announced in February and the groundbreaking was Friday at the center, which is a couple blocks south of Girard.
David SellChief executive officers from drug and healthcare companies filled plenty of spaces among the 200 highest-paid CEOs in 2013, as determined by the New York Times with help from the executive compensation firm Equilar.
The analysis incorporated salary, stock awards and other compensation, and was based on proxy filings with the Securities and Exchange Commission.
The value assigned to the stock awards can launch people higher on the list than they might otherwise.
David SellGood morning,
PhillyPharma is back, after an extended run covering a bit of litigation unrelated to the pharmaceutical industry.
PhillyPharma wants to hear about good ideas, interesting people and jaw-dropping malfeasance, especially if they are connected to the Philadelphia region.
PhillyPharma is a team player and Inquirer editors asked for help with another topic, our parent company's ownership dispute. When that is resolved, we anticipate returning to our regularly scheduled programming. Thanks for reading.
Erez Vigodman will, indeed, succeed Jeremy Levin as the chief executive officer of Teva Pharmaceutical Industries Ltd.
Teva made the announcement Thursday morning before the stock market opened in Israel, hoping it will calm investors and the Wall Street community, which was concerned that disagreement and disarray at the top of the drugmaker was further delaying plans to rebuild.
Reports last week in Israel-based media suggested Vigodman was the leading candidate, though Teva declined comment at the time.