China Fines Medtronic $17.2 Million for Price Fixing

Published: Dec 09, 2016

A Chinese regulator has fined a local unit of U.S.-listed medical device firm Medtronic PLC 118.5 million yuan ($17.20 million) for price fixing, the National Development and Reform Commission (NDRC) said in a statement on Wednesday.

The state planner said it had fined Medtronic (Shanghai) Management Co following an investigation into monopolistic behavior related to the firm's cardiovascular and diabetes medical device products.

The NDRC said Medtronic had carried out monopolistic behavior with its distributors and local partners to fix prices and set lower limits on the resale price to hospitals.

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