Pharma fined 462m yuan

A subsidiary of Shanghai Pharmaceuticals (2607) has been fined 462 million yuan (HK$509 million) for violating antitrust laws in China.

Shanghai SPH No 1 Biochemical and Pharmaceutical sold polymyxin B sulfate injections at an unfairly high price in violation of China's anti-monopoly law, the Shanghai Municipal Administration for Market Regulation ruled.

It ordered the firm to cease its unlawful activities, confiscated illicit earnings of 337.9 million yuan, and imposed a fine of 3 percent of its revenue generated in 2022, totaling 124.2 million yuan.