Cartel: an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
The media is awash with reports this morning that the Competition Commission of India (CCI) imposed a fine on GlaxoSmithkline Pharmaceuticals and Sanofi India for collusive bidding in supply of a meningitis vaccine to the government for Haj pilgrims.
Hmm, Glaxo up to no good, surely not?
The complaint was filed by Bio-Med Pvt Ltd, a small pharmaceutical company that also manufacture and supply a meningitis vaccine.
India's CCI also said, in a report, that...
"They have not produced any evidence either before the DG or before the Commission to substantiate their claims. In the absence of any evidence, the Commission notes that the assertions made by opposite party 2 (GlaxoSmithKline) and opposite party 2 (Sanofi) are merely bald statements and also appear to be an afterthought to justify their illegal, collusive conduct,"
Illegal collusive conduct. Hmm!
The CCI also warned GlaxoSmithKline and Sanofi to "cease and desist" from anti-competitive practices.
Glaxo's company tagline is, Do more, feel better, live longer.
They are certainly living up to that tagline by "doing more" in respect of their illegal shenanigans.
Glaxo and Sanofi were fined Rs 60.45 crore and Rs 3.04 crore respectively.
Source: CCI slaps a fine of Rs. 64 crore fine on GlaxoSmithKline, Sanofi