The Chinese government's National Development and Reform Commission fined Medtronic 118.5 million yuan ($17 million) for allegedly setting a minimum price on its medical devices and barring dealers and distributors from discounting them to patients, reports The Wall Street Journal.
This is the first time the NDRC has fined a device maker, according to the report.
The China Economic Herald — the official publication of the NDRC — said Medtronic is just the "tip of the iceberg," claiming the regulatory body is monitoring 100 other drug companies and device makers.
According to WSJ, a Medtronic spokesperson said the company accepted the decision and plans to pay the fine.
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