Last Updated on December 31, 2023 by The Health Master
BEIJING, (Reuters) – The industry ministry said on Sunday that China will toughen law enforcement to curb monopoly practices and unfair competition in the pharmaceutical industry as the government seeks to foster a good business environment.
The action follows November’s regulatory guidelines to stamp out monopolies on active pharmaceutical ingredients (API). China leads the world in making and exporting these products.
In a statement, the ministry of industry and information technology said it would “strengthen law enforcement against unfair competition, and resolutely investigate unfair competitive acts, such as commercial bribery”.
It will also stiffen enforcement of anti-monopoly laws in the areas of drug shortages and APIs, prepare and adopt antitrust guidelines in the API market, and investigate monopolistic pacts, it added.
Reporting by Emily Chow; Editing by Clarence Fernandez and Gerry Doyle
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