22:20, 2 February 2010

Armenia: pharmaceutical giants fined for excess prices

The State Commission for Protection of Economic Competition (SCPEC) has fined the pharmaceutical companies "ArmPharm", "PharmGoar" and "Degabaza Yerevan" by 500,000 drams each for untimely presentation to the commission of their justifications of increase of prices on some drugs.

Armine Udumyan, press secretary of the SCPEC, said that now the data presented by the above companies is studied, and, in particular, possible violations by pharmaceutical companies of the anti-competition agreement. The infringers will be ordered to eliminate the violations and drop the drug prices down to justified level.

According to her version, according to the order of the SCPEC, in case of any increase of prices, large business-subjects shall warn the Commission two days in advance and transfer the data on the level and reasons of price growth. Meanwhile, the SCPEC has learnt about the increase of prices by the above companies as a result of price monitoring.

So far, the fined companies have given no comments.

Author: Lilit Ovanisyan

Source: CK correspondent