China fines drugs com­pa­nies for price fix­ing

The Pak Banker - - 6BUSINESS -

Five Chi­nese phar­ma­ceu­ti­cal com­pa­nies have been fined a com­bined to­tal of 4 mil­lion yuan ($608,000) for act­ing in col­lu­sion to fix the price of a com­mon med­i­ca­tion. The drug, al­lop­uri­nol, is listed as an es­sen­tial medicine in China and is widely used to treat gout and hy­pe­r­uricemia, or ab­nor­mally high lev­els of uric acid in the blood.

The Na­tional De­vel­op­ment and Re­form Com­mis­sion, the na­tion's top pric­ing reg­u­la­tor, found that Chongqing Qingyang, Jiangsu Shi­mao­tian­jie and Shang­hai Xinyi, which have been the only three do­mes­tic pro­duc­ers of al­lop­uri­nol tablets since 2014, reached mo­nop­oly agree­ments with two dis­trib­u­tors, Chongqing Da­tong and Shangqiu Hua­jie over the drug.

"Five com­pa­nies have been fined for col­lud­ing to ma­nip­u­late pric­ing and for di­vid­ing the mar­ket of a com­mon tablet," said Lu Yanchun, deputy in­spec­tor of the Price Su­per­vi­sion and An­ti­Monopoly Bureau at the com­mis­sion, adding that the car­tel's ac­tions had neg­a­tively im­pacted con­sumer wel­fare and mar­ket com­pe­ti­tion in China.

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