Colombia: Cruz Verde pharmacies caught in new price-fixing scheme

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

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