Smith & Nephew agreed to pay more than $22.2 million in fines and profit disgorgement, maintain an enhanced compliance program and appoint an independent monitor for at least 18 months to review the program.
The company was one of multiple medical device companies asked to investigate improper payments to government-employed physicians and voluntarily report issues in 2007. The company found and reported payments by a Greek distributor, which was terminated in 2008.
The company provided for the payment in its fourth quarter 2011 earnings.
Sign up for our FREE Orthopedic E-Weekly for more coverage like this sent to your inbox!
Related Articles on Orthopedic Device Companies:
TeDan Surgical Innovations Launches Minimally Invasive Anterior Hip Retractor System
ConforMIS Received 22 Patents Over Last Year
Exactech Reports 21% Decline in 4Q Spine & Biologics Sales
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.