J&J in the dock
NEW YORK: Johnson & Johnson paid leading US pharmacy group Omnicare to promote its antipsychotic drug Risperdal for elderly patients, the US government has alleged in a lawsuit. According to the Justice Department, which announced the lawsuit on its website, Johnson & Johnson paid Omnicare, the largest US pharmacy for nursing homes, to push drugs including Risperdal. The complaint filed in Boston on Friday targets Johnson & Johnson and its subsidiaries Ortho-McNeil-Janssen Pharmaceuticals and Johnson & Johnson Health Care Systems. They are accused of paying Omnicare millions of dollars in kickbacks. Omnicare entered into a $98 million settlement last November with the government.
Kraft takeover bid
LONDON: US food giant Kraft Foods will sweeten its takeover bid for British confectioner Cadbury this week, according to media reports on Sunday. The Sunday Times, which did not cite its source, said that Kraft was putting the “finishing touches” over the weekend to raising its £10.5 billion offer. Kraft will improve its bid from 771 pence per share to at least 820 pence on Monday, according to the weekly paper, which added that the US group would hike the cash part of its offer to win around Cadbury investors.
SEOUL: South Korea is pushing a new growth engine — a major share of the world’s booming medical tourism market. Its goal is a million foreign patients a year by 2020 and hospitals have launched aggressive marketing campaigns. “Today demand for medical services is higher than ever and medical tourism is growing rapidly,” Deputy Knowledge Economy Minister Kim Young-Hak told a three-day medical tourism expo recently. The event, organised by the Korea Global Healthcare Association, which links hospitals, clinics and state agencies, drew about 5,600 visitors including nearly 300 foreigners. The association of 750 members, said foreign buyers reached deals worth $32 million with hospitals that took part.
J&J in the dock