Monday, September 27, 2010

Diabetes Drugmaker, Novo Nordisk, May Face Heavy Fine From FAS

FAS has accused Danish pharmaceutical company, Novo Nordisk, of violating anti-monopoly legislation, and as a result, the company may face an administrative fine of up to 15% of its sales in Russia.  FAS announced that Novo Nordisk unjustifiably refused to sign agreements with certain buyers, and discriminated against potential partners, which has led to a “restriction of competition”.  Under Russian law, a company that occupies a dominant market position is not allowed to refuse to sign a contract with a partner, without cause.  Novo Nordisk, a worldwide manufacturer of diabetes medicines, is considering whether to appeal the decision. 

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