March 2, 2017 / 6:38 AM / 5 months ago

South Korea fines Novartis over kickbacks

1 Min Read

SEOUL, March 2 (Reuters) - South Korea fined Swiss drugmaker Novartis 200 million won ($174,936.80) for paying kickbacks to doctors in exchange for recommending the company's drugs, its drug ministry said on Thursday.

The Ministry of Food and Drug Safety levied a fine on 30 drug items including Galvus and banned sales of 12 drugs including Exelon for three months, a spokeswoman said.

The sales ban will be effective from March 17 through June 16, the ministry website showed.

Novartis Korea declined to comment.

In August last year, Novartis employees in South Korea were indicted over illegal practices to boost sales of the company's drugs.

$1 = 1,143.2700 won Reporting by Jane Chung; Editing by Stephen Coates

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