November 29, 2022
  • November 29, 2022

biocon: Biocon Engages External Law Firm to Review Consultant Governance

By on June 26, 2022 0
Bengaluru: has engaged an external law firm to carry out a comprehensive review of its current governance processes involving its consultants and suppliers, according to a senior executive at the Bengaluru-based biopharmaceutical company.

Management, the person told ET on Sunday, is committed to strengthening its compliance and governance practices across all Biocon Group entities.

“The company already has a strong code of conduct and an anti-bribery and anti-corruption clause in its contracts with all its suppliers. Management now plans to intensify its vigilance and with the With the help of an external law firm she has appointed, she aims to fill in the gaps and strengthen her system of governance,” the executive added.

The company’s action came in response to CBI’s appointment of five people, including a senior official from the Central Drugs Standard Control Organization (CDSCO), senior executives from the Delhi-based consultancy firm Bioinnovat Research Services and the National Regulatory Officer at Biocon Biologics for allegedly offering a bribe to help with waiver of Phase III clinical trials. Biocon, however, denied the allegations.

In a related development, a multinational pharmaceutical company officially terminated its contract with Bioinnovat after being ensnared in the corruption case. A senior company official cited the breach of the seller’s agreement for his action, while declining to divulge further details.