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China targets online pharmacies for price gouging on Covid-19 medication
- Prices of Lianhua Qingwen, a traditional Chinese medicine, soar fourfold in less than a month, according to media reports
- Retailers driving the surge could face fines of up to US$706,000
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The Chinese government is targeting online pharmacies for the surging price of Covid-19 medication, with offenders facing potential fines of up to 5 million yuan (US$706,000).
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The prices of several medications have soared in local pharmacies and online platforms. Since early December, the price of Lianhua Qingwen, a traditional Chinese medicine used to treat Covid-19, has risen to 88 yuan from 23.5 yuan on an online pharmaceutical platform, a fourfold increase in less than a month, according to mainland media.
Shijiazhuang Yiling Pharmaceutical, the producer of Lianhua Qingwen, said on Tuesday that the price of the medication had remained stable recently.
The company said it was taking “various measures to ensure the supply” and consumers should report any price increases by retailers to the authorities.
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How traditional Chinese medicine is being used in the fight against Covid-19
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Hashtags that translate to “prices of Lianhua Qingwen capsules surged threefold” and “pharmacies sell Lianhua Qingwen for over 100 yuan per box” have been trending on Chinese social media platform Weibo.
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