A CHINESE regulator has fined a local unit of U.S.-listed medical device firm Medtronic PLC 118.5 million yuan (US$17.20 million) for price fixing, the National Development and Reform Commission (NDRC) said in a statement yesterday.

    The State planner said it had fined Medtronic (Shanghai) Management Co. following an investigation into monopolistic behavior related to the firm’s cardiovascular and diabetes medical device products.

    The NDRC said Medtronic had carried out monopolistic behavior with its distributors and local partners to fix prices and set lower limits on the resale price to hospitals.

    Reuters could not immediately reach Medtronic officials in China for comment.

    China has fined carmakers, drug manufacturers and white goods firms over the past year for price fixing, while medical device makers came under the spotlight as far back as 2013.

    Foreign firms from the United States, Japan and Europe still dominate China’s medical devices market, although China has said it wants to create domestic champions in the sector.(SD-Agencies)