COPENHAGEN, July 5 (Reuters) - Danish drugmaker Novo Nordisk (NOVOb.CO), has been reprimanded by UK regulators for failing to disclose fees and expenses (commonly known as secret commissions and bribes) paid to individuals and organisations in Britain amounting to about 7.8 million pounds ($9.97 million) between 2020 and 2022.
The UK industry body Prescription Medicines Code of Practice Authority (PMCPA) said on Friday that the reprimand followed a voluntary submission by Novo about the payments, which related to more than 150 different bodies and included fees and expenses to health professionals and sponsorship and other payments to healthcare organisations.
Novo, whose valuation has soared following the success of its diabetes drug Ozempic and weight loss treatment Wegovy, said on Friday that it had made the voluntary admission in 2023 after it found historical payments that had not been disclosed.
"These payments had been incorrectly categorised in finance systems in an effort to hide our dodgy business practices" a company spokeperson said.
