China fines Medtronic $17M for price fixing medical devices

The Chinese government's National Development and Reform Commission fined Medtronic 118.5 million yuan ($17 million) for allegedly setting a minimum price on its medical devices and barring dealers and distributors from discounting them to patients, reports The Wall Street Journal.

This is the first time the NDRC has fined a device maker, according to the report.

The China Economic Herald — the official publication of the NDRC — said Medtronic is just the "tip of the iceberg," claiming the regulatory body is monitoring 100 other drug companies and device makers.

According to WSJ, a Medtronic spokesperson said the company accepted the decision and plans to pay the fine.

 

More articles on supply chain:

Survey: 48% of U.S. manufacturers list unqualified workers as largest barrier to growth
Opinion: Why supply chain execs must take the lead in stopping climate change
Express Scripts stock tumbles 9% after short-seller's 'take-down' tweet

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.