China Fines Medtronic $17 Million for Setting Minimum Prices

Medtronic paid a $17.2 million fine in China for price fixing. China's National Development and Reform Commission said the medical device maker company, now headquartered in Ireland, set a minimum price with its China distributors for certain cardiovascular and diabetes devices. Although the practice is legal in many parts of the world, China forbids a minimum price because it prevents price competition. Medtronic's China revenues were $1.5 billion last year, about 7.5% of the company's total revenues. More details.... Stock Symbol: (NYSE: MDT) Share this with colleagues: // //