A Chinese regulator has fined a local unit of US-listed medical device firm Medtronic $17.20 million for price fixing, the National Development and Reform Commission said in a statement on Wednesday.
The state planner said it had fined Medtronic (Shanghai) Management Co following an investigation into monopolistic behavior related to the firm’s cardiovascular and diabetes medical device products.
The NDRC said Medtronic had carried out monopolistic behavior with its distributors and local partners to fix prices and set lower limits on the resale price to hospitals.
“We can confirm that Medtronic was investigated by China’s National Development and Reform Commission (NDRC) related to the country’s anti-monopoly law, and Medtronic accepts the NDRC’s decision,” a company spokesman said in emailed comments.
“We are absolutely committed to ensuring that we are in full compliance with local laws and regulations.”
China has fined car makers, drug manufacturers and white goods firms over the last year for price fixing, while medical device makers came under the spotlight as far back as 2013.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Cisco Closes $28 Billion Splunk Deal
Mar 19, 2024 by
CPI
Ropes & Gray Strengthens Antitrust Practice with New Partner
Mar 19, 2024 by
CPI
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI