Salem Radio Network News Sunday, October 1, 2023


China regulator fines two pharma firms for monopoly behaviour

BEIJING (Reuters) – China’s market regulator said on Sunday it had fined two pharmaceutical companies for monopolistic behaviour.

It fined Grand Pharmaceutical 136 million yuan ($19.68 million) and confiscated 149 million yuan of “illegal revenue” for entering into a monopolistic deal with Wuhan Healcare Pharmaceuticals.

The regulator fined Wuhan Healcare Pharmaceuticals 4.13 million yuan and confiscated slightly over 30 million yuan of its revenue.

Since late 2020, Chinese regulators have started antitrust crackdowns on multiple industries, most notably on technology companies such as Alibaba Group.

($1 = 6.9121 Chinese yuan renminbi)

(Reporting by Yew Lun Tian; Editing by Alison Williams)


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