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Novo Nordisk A/S (NYSE:NVO), the maker of the popular obesity drug Ozempic, has been reprimanded by the U.K.’s Prescription Medicines Code of Practice Authority (PMCPA) for failing to disclose fees and expenses paid to individuals and organizations in Britain of approximately 7.8 million pounds (around $10 million) between 2020 and 2022.
On Friday, the U.K. industry body PMCPA announced that the reprimand followed a voluntary submission by Novo Nordisk regarding these payments.
Also Read: Joe Biden Suggests Novo Nordisk, Eli Lilly To Lower Prices For Its Popular Obesity Drugs.
The PMCPA stated that the payments involved over 150 bodies, including fees and expenses to health professionals, donations, grants, sponsorships, and other payments to healthcare organizations.
Reuters report added that Novo Nordisk explained that these payments were for legitimate activities but were incorrectly categorized in their finance systems due to human error.
The PMCPA also reported breaches of the Association of the British Pharmaceutical Industry’s (ABPI) code of practice by Novartis AG (NYSE:NVS) and Pfizer Inc (NYSE:PFE).
The agency noted that the breaches discredited and reduced confidence in the pharmaceutical industry.
In March 2023, Novo Nordisk was suspended as a member of the Association of the British Pharmaceutical Industry (ABPI) for two years due to serious ABPI Code of Practice breaches.
ABPI’s statement linked to a complaint alleging that Novo Nordisk sponsored courses on weight management on LinkedIn for health professionals without clarifying the company’s involvement.
Price Action: NVO shares are
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