Colombia’s Superintendence for Industry and Commerce (SIC) has issued a fine to Chilean drug-store chain Cruz Verde after the company jacke dup the price of 56 separate medications by up to 3000%, far beyond the maximum prices set by the country’s authorities.
Colombian authorities settled on fines for Cruz Verde totalling approximately $84,500 USD. Colombian media has reported that the pharmacy has already begun the process of appealing the fine, arguing that their chain has always respected the price limits set forth by the country’s guidelines.
Cruz Verde was embroiled in a similar price-fixing scheme in Chile between 2007 and 2008 in conjunction with fellow drug-store chains Farmacias Ahumada and Salcobrand, with the firm paying a total of 13 million pesos to Chile’s government.
Full Content: El Ciudadano
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Subscribers Defend $4.7 Billion Antitrust Verdict Against NFL in Court Filings
Jul 19, 2024 by
CPI
Von der Leyen Calls for Competition Policy to Boost EU Companies’ Growth
Jul 19, 2024 by
CPI
Vermont AG Sues Pharmacy Benefit Managers Over Drug Prices
Jul 18, 2024 by
CPI
Australians Face Increased Stamp Prices Following ACCC Approval
Jul 18, 2024 by
CPI
Live Nation Seeks Dismissal of DOJ Antitrust Allegations
Jul 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI