Danish pharmaceutical company Novo Nordisk has been reprimanded by UK regulators for failing to disclose fees and expenses paid to individuals and organisations in the UK.
The UK regulatory agency, the Prescription Medicines Code of Practice Authority (PMCPA), said that the reprimand follows a voluntary submission by the company.
Last year, the company voluntarily admitted that it had not disclosed a few historical payments.
The payments, amounting to around £7.8m ($9.97m) between 2020 and 2022, include fees and expenses to health professionals and other payments to healthcare organisations.
Novo Nordisk, in a statement, said: “These payments are for legitimate activities but had been incorrectly categorised in finance systems as a result of human error.”
“We accept the PMCPA’s decision to rule the relevant breaches of the two Codes of Practice which applied during the timeframe for this case and agreed that this was the appropriate ruling as part of our voluntary admission.”
The valuation of Novo’s shares soared after the success of its diabetes drug Ozempic and weight loss treatment Wegovy, reported Reuters.
In March last year, Novo was suspended from the Association of the British Pharmaceutical Industry (ABPI) for two years over violating the group’s code of practice.
A complaint was filed against Novo, alleging the company of sponsoring weight management courses on LinkedIn for health professionals without providing clear information.
PMCPA said that others, including Novartis, Pfizer and Otsuka, had breached the ABPI’s code of practice in more minor ways that reduced confidence in the pharma industry.
