A major Chinese drug maker said on Thursday that it is preparing to appeal massive antitrust fines ordered by a U.S. court. The United States District Court for the Eastern District of New York ruled on Nov. 26 that Hebei Welcome Pharmaceutical Co., Ltd., subsidiary of the North China Pharmaceutical Group Corp. (NCPC), must pay 153.3 million U.S. dollars in fines after finding it colluded with three other Chinese companies to raise prices for Vitamin C exports to the U.S. market. The ruling marked the first time a Chinese pharmaceutical company has been fined in a U.S. antitrust case. The Hebei-based NCPC said it has been preparing materials for the appeal. The company, one of China's four largest vitamin and antibiotic suppliers, added that it will disclose information regarding the case's progress. Another three Chinese vitamin C exporters named in the case settled the lawsuit out of court. Zhang Tingde, head of the NCPC's legal affairs department, said Chinese vitamin manufacturers did not work together to manipulate the price. "Competition between vitamin producers is becoming intense because of excess production capacity. It is impossible for them to form an alliance," said Zhang Baorui, head of Hebei Pharmaceutical Profession Association. Wang Fei, researcher with Hebei Academy of Social Sciences, said the case may have an extensive impact on the country's pharmaceutical industry. "It is also too early to say if the case will fuel chain reactions that will prevent enterprises from other industries from expanding their business in the U.S.," said Wang.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor