Medtronic fined for monopoly pricing
Print Edition
CHINA’S top economic planner said yesterday that it has fined the Chinese unit of US medical device maker Medtronic 118.5 million yuan (US$17 million) for monopoly pricing.
It was the first price fixing case involving a medical device maker investigated by Chinese anti-monopoly regulators.
The National Development and Reform Commission said that since 2014, the company, which supplies cardiovascular, restorative and diabetes-related medical devices, has improperly suppressed competition through monopoly deals with distributors, and set minimum prices.
There is presently no full and open competition in the nation’s high-value and implantable medical device market. Medtronic’s minimum price deals for medical devices hurt patients, the NDRC said.
The fine represents 4 percent of 2015 sales volume of devices involved in the case. The company has already taken initiatives to correct the problem, the NDRC said.
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