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Levocarnitine supplier Northeast Pharmaceutical fined by Chinese regulator for abuse of dominance

( February 21, 2023, 01:45 GMT | Official Statement) -- MLex Summary: Northeast Pharmaceutical Group has been fined 133 million yuan ($19.4 million) by the Liaoning provincial Administration for Market Regulation for abusing its dominance in the Chinese market for levocarnitine by selling the pharmaceutical ingredient at unfairly high prices. According to the regulator’s penalty decision dated Jan. 18, the company’s practice restricted competition and impaired the interests of downstream drug manufacturers and consumers. The fine amounted to 2 percent of the company’s revenue for 2018.The regulator opened an investigation into the case in July 2019.The statement follows and the penalty decision is attached:...

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