Colombia: SIC sanctions pharma corporations for the sale of medications in excess of ceiling prices

OlarteMoure - Autoridad Colombiana en Metrología - Colombia

On 31 July, the Colombian National Authority on Metrology (SIC) hit pharmaceutical companies for failing to comply with Circular 04 of 2012, issued by the National Commission for Market Control of Medications and Medical Devices, which establishes ceiling pricing for certain medications in Colombia.

The COP 82,811,600 fine was imposed for the sale of 7 different medications, each independently exceeding in 4%, 19%, 76%, 43%, 295%, 348% and up to 651% the established ceiling prices.

The medications sold at the unauthorized prices are used in ophthalmological and mental disorders, as well as for the treatment of epilepsy, bedwetting, and overactive bladder.

Furthermore, the SIC decided to: i) issue an order to further investigate other pharmaceutical companies; and, ii) fine one of the sanctioned companies for not submitting information to the SIC, in accordance to law.