While China’s booming economy provides significant commercial opportunities for the life sciences industry, it can also foster an environment of corruption. Authorities in both China and the U.S. have made anti-corruption a priority, cracking down on once common business practices. It is essential for any life sciences executive doing business in China to understand China’s anti-corruption laws and the U.S. Foreign Corruption Practices Act — and to take steps to protect their company.
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PharmAsia News reports the leaders of a new think tank, the Shanghai Institute for Food & Drug Safety, have signed an agreement with Sidley Austin. The pact states the two sides will jointly “conduct a broad study of and use as reference the legislation, regulatory regimes, and judicial practices of major countries from the EU and the United States.”