Recognizing the potential for revenue growth underscored by an aging population worldwide and the ability of consumers to research options and conditions online, pharmaceutical and medical device companies are heavily investing in increasing their presence in the global healthcare market. International sales for pharmaceuticals total more than US$100 billion annually.
However, just as there is great potential for growth, there is a very real risk related to charges of corruption, particularly for companies as they research, develop, test or sell their products or services overseas. Pharmaceutical and medical device companies are often extensively involved with foreign entities throughout the life cycle of their products, from development to testing, sales and distribution. Risk can arise at multiple points.