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(Yicai Global) Oct. 19 -- China’s healthcare regulator has issued warnings to more than 20 pharmaceutical firms as it cracks down on runaway prices and monopolies in the medical sector.
Over 70 types of medicines used in first-aid as well as drugs that are in short supply were monitored between 2019 to 2020, the National Healthcare Security Administration said on Oct. 16. It has launched investigations into the price of drugs at dozens of companies, it added.
Since June, the watchdog has released three drafts of a list of dishonest acts, which include bribery, abuse of market dominance and price manipulation, to address the excessive price of medical consumables and corruption in the medical field. Severe violators will be prevented from operating.
Most of the increases were due to market competition, the NHSA said. Producers and retailers can set prices in accordance with their production and operation costs and according to market supply and demand. It is the regulator’s duty to create a fair and orderly market environment so that reasonable medicine prices are formed through market competition.
Editor: Kim Taylor