4 Healthcare Stock Stories To Cure Thursday’s Investment Ills
Eli Lilly and Co. (NYSE:LLY): Closing price $52.46
Eli Lilly and Co. said that it remains “deeply concerned” over allegations published in a Chinese newspaper that it spent in excess of $4.90 million to bribe doctors in China to prescribe the company’s medicines, rather than rival products. A former senior manager for Lilly, identified by the pseudonym Wang Wei, told the 21st Century Business Herald that bribery and illegal payments at Eli Lilly’s China operations were rampant, as reported by the paper on Thursday. Eli Lilly is the third overseas drugmaker to face whistleblower allegations in the newspaper in August, and the reports are coincident with several Chinese investigations into the pharmaceutical sector, covering alleged corruption to drug pricing.