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一纸判决书揭开医药代表行贿黑幕 百神药业IPO终止背后的销售费之谜找到答案?
Xin Lang Zheng Quan· 2025-08-27 09:39
Core Viewpoint - A recent criminal judgment from Jiangxi Province highlights a bribery case involving a pharmaceutical representative from Baishen Pharmaceutical Co., Ltd., which has drawn significant attention in the pharmaceutical and capital markets. The case involves nearly 2 million yuan in bribes and over 10 million yuan in drug sales, bringing Baishen Pharmaceutical back into the spotlight after its IPO attempt was withdrawn [1]. Group 1: Bribery Case Details - The main defendant, Huang Mouyun, began bribing doctors in late 2018 to boost sales of Baishen's product "Baishen Granules," promising kickbacks of 10%-15% of the prescription amount. Over 30 doctors were involved, with total bribes exceeding 1.92 million yuan [2]. - Huang Mouyun was sentenced to three years in prison (suspended) and fined 50,000 yuan for bribery, with personal profits of approximately 250,000 yuan [2]. Group 2: IPO and Financial Concerns - The bribery activities coincided with Baishen Pharmaceutical's IPO efforts, which included a prospectus submitted in July 2022 and a withdrawal in September 2023. The company reported over 900 million yuan in sales expenses from 2019 to 2022, with a significant portion attributed to "market and academic promotion" [2][3]. - The Shenzhen Stock Exchange raised concerns about the authenticity and reasonableness of Baishen's sales expenses during the IPO review, noting irregularities in its promotional service providers, which were often newly established and quickly dissolved [3]. Group 3: Compliance and Industry Implications - The judgment underscores the systemic issues within Baishen's sales practices, as the company maintained a sales expense ratio exceeding 50% from 2020 to 2022, while R&D expenses were only 53 million yuan, less than 6% of sales expenses [4]. - The ongoing anti-corruption efforts in the healthcare sector have made compliance with sales expenses a critical factor for IPOs and refinancing. Many pharmaceutical companies have faced halted reviews due to concerns over promotional expense legitimacy and bribery risks [4]. - The case reflects broader issues in the pharmaceutical industry regarding sales practices, emphasizing the need for companies to reassess their sales and compliance frameworks to ensure sustainable development in a tightening regulatory environment [4].