September 16, 2014 by Arezu Sarvestani
Media reports in India claim that some of medtech’s biggest companies are looking the other way when their Indian distributors hike prices and bribe doctors to use their drug-eluting stents.
Some of medtech’s biggest players are getting a beating in the Indian media, where reports this week accused them of turning a blind eye to unethical behavior from their distributors in the country.
A series of reports originating from the Times of India claim companies such as Medtronic (NYSE:MDT), Abbott (NYSE:ABT) andJohnson & Johnson (NYSE:JNJ) have looked the other way when their Indian distributors hiked prices for drug-eluting stents and then used the proceeds to bribe doctors.
The reports focused largely on Medtronic’s devices, claiming the medtech giant let its distributors triple prices on imported DES: