Russian Federal Antimonopoly Service suspects cartel in domestic pharmaceutical market

The Russian Federal Antimonopoly Service suspects the existence of cartel agreement in the Russian pharmaceutical market, the members of which concurrently raise prices for their drugs.

If the suspicions are confirmed, the suspected companies will pay “billions of turnover-based fine,” according to the head of the Federal Antimonopoly Service (FAS) Igor Artemyev, according to whom the FAS will soon start inspections in Russian pharmacies, with the aim of comparing local prices for vital drugs with the average global prices.

Mr Artemyev added that the FAS has already received information of price excesses by two and even three times for some drugs and will impose severe penalties for the companies, which use such practice. The names of suspected companies were not disclosed but, according to some sources close to the FAS, among which could be some of Russia’s largest pharmaceutical producers.