Pfizer Inc. (PFE) Wins Price Fixing Case in Indonesia
7/19/2012 7:57:41 AM
Nearly two years after Pfizer and Dexa Medica were fined for participating in a price-fixing scheme for anti-hypertensive tables, the Indonesian Supreme Court has upheld a lower court ruling that overturned the penalties. The case originated with the Business Competition Supervisory Agency, or KPPU, which had determined the price of Norvasc was 14.6 times more expensive than the average international price, while Dexa Medica’s Tensivak was 13.6 times higher. In reaching its September 2010, decision, the KPPU acted over concerns that consumers were being unfairly charged high prices and asked Pfizer to slash the price of Norvasc by 65 percent, while Dexa was asked to lower the price of Tensivak by 60 percent. The drugmakers were also $2.8 million and $2.2 million, respectively (here is the back story with the verdict).