Japanese pharmaceutical company Daiichi Sankyo Co Ltd has agreed to pay US$39 million to the US over kickbacks it paid physicians to prescribe its drugs, the US Department of Justice said on Friday last week.
Daiichi Sankyo Inc, the group’s US subsidiary, is to make the payment to the US federal government and to state Medicaid programs to settle the allegations, first raised by a former company sales representative who provided evidence of the kickbacks.
According to the department, the company’s actions involved inviting multiple physicians together to lavish dinners to speak on often identical topics and paying them for the speeches.
The doctors were expected to favor the company’s treatments, the prescription of which could cost federal and state healthcare programs.
“Drug companies are prohibited from using lavish entertainment and padded speaker-program payments to induce physicians to prescribe their drugs for beneficiaries of federal healthcare programs,” US Attorney for the District of Massachusetts Carmen Ortiz said in the statement. “Settlements like this one show that the government will continue to pursue healthcare companies that use kickbacks to promote their products.”
The probe into the company’s conduct began when former sales representative Kathy Fragoules filed a complaint on behalf of the US, as allowed under whistle-blower provisions of the US’ False Claims Act, which protects the government against fraud.
Fragoules is to earn a US$6.1 million share from the Daiichi Sankyo payout.
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
NEXT GENERATION: The new 3-nanometer chip has 28 percent more transistors and offers up to 80 percent faster language model performance than its predecessor MediaTek Inc (聯發科) on Wednesday launched a new flagship smartphone chip, Dimensity 9400, made with Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) enhanced 3-nanometer technology, aiming to bring more artificial intelligence (AI) applications to edge devices like phones. The Dimensity 9400 is the second smartphone chip using TSMC’s second-generation 3-nanometer technology, after Apple Inc’s A18 Pro chip for the new iPhone 16 series. The new mobile chip has 28 percent more transistors, offers up to 80 percent faster large language model performance and is up to 35 percent more power-efficient than its predecessor, Dimensity 9300, MediaTek said. Chinese smartphone makers Xiaomi Corp (小米),