Updated on 31 August 2015
Singapore: US-based drug major Pfizer has been slapped with a fine of $15,570 for paying "promotion fees" to four major pharmacies to promote Viagra in the country, according to a report from China Industry and Commerce News. The food and drug administration of the Pudong New Area of Shanghai has also confiscated 3 million yuan (US$468,000) from the compnay in illegally obtained earnings.
As per reports, Pfizer had inked two agreements with China National Medicines Corporation Ltd in 2004 to exclusively distribute and sell Viagra in the country. Between 2011 and 2013, Pfizer had signed agreements with the four drugstore chains to have them display the drug in Shanghai to boost sales.
Shanghai authorities said that the agreements required the stores to display Viagra as a recommended product, and ensure the product was given-what the authorities called a centralized, fixed position onprescription-drugs counters, with a certain quantity of display and specific space.
Pfizer said in astatemnet,"We deeply regret that certain conduct may have violated Pfizer's policies and the laws in China. Pfizer regularly reviews our processes and we have already incorporated improvements in our policies and practices related to pharmacies, to ensure that we comply with all laws that apply to our business activities in China and throughout the world."