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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Fair Trade Commission imposed a fine of 29.8 billion won on JW Pharmaceutical, which provided 7 billion won worth of economic profits to medical institutions, and filed a complaint with the prosecution against the corporation and its CEO.
According to the Fair Trade Commission, the company provided various economic support, or illegal rebates, to more than 1,500 hospitals and clinics across the country to maintain and increase prescriptions for its 62 items from February 2014 to this month.
In particular, during the 2014-2018 period, the company has established and continuously managed a headquarters-level promotion plan that includes various economic support to sell 18 items of medicines manufactured and sold to medical institutions every year.
The company provided a total of 23,000 times to each hospital and clinic ▲ cash and goods ▲ hospital event expenses ▲ meals and entertainment ▲ golf hospitality ▲ society and symposium ▲ support for participants in overseas academic conferences ▲ clinical and observational research expenses.
In addition, the company provided about 530 million won worth of money and entertainment to more than 100 hospitals and clinics across the country for 44 items of medicines between 2014 and 2018.
The FTC said that in order to hide the provision of such illegal rebates, the company disguised it as other details, such as employee dining, and disguised it as accounting or a term that could be seen as a normal promotional activity.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
