Feb 28, 2023 05:00 AM

BUSINESS

Northeast Pharmaceutical Fined $19 Million for Jacking Up Drug Ingredient Prices

By Ge Xinghang and Denise Jia

In the first half of 2019, Northeast Pharmaceutical accounted for more than 80% of China’s market for ingredients used in a treatment for kidney dialysis patients.

In the first half of 2019, Northeast Pharmaceutical accounted for more than 80% of China’s market for ingredients used in a treatment for kidney dialysis patients.

Leading Chinese drug-ingredients supplier Northeast Pharmaceutical Group Co. Ltd. was fined 133 million yuan ($19 million) for abusing its dominant market position in materials used to make a treatment for kidney dialysis patients.

The market regulator in northeastern China’s Liaoning province conducted a three-year investigation of Northeast Pharmaceutical’s monopoly in the market for ingredients to make levocarnitine. The medicine is used to treat dialysis patients for a lack of carnitine, a substance that helps the body convert fat into energy.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China’s Factory Exodus Is Turning Vietnam Into the World’s Assembler

2: Meituan Enters Open-Source AI Race With LongCat Model

3: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

4: Alipay Fined by Luxembourg Regulator for Anti-Money Laundering Breaches

5: End of U.S. Tax Exemption Hits Chinese Air Cargo Carriers Differently

SPONSORED

OR