Tags: Virus Outbreak | Mexico

Mexico Opens Anti-monopoly Probe amid Oxygen Price Rise

Thursday, 23 July 2020 07:38 PM

MEXICO CITY (AP) — Mexico’s anti-monopoly commission said Thursday it looking into possible price-fixing or monopolistic practices in the market for medical oxygen, after pharmacies reported a spike in prices and difficulties in getting tanks and refills.

Prices for oxygen tanks in Mexico have reportedly tripled since the pandemic hit Mexico in March.

“Starting in March, it began to get scarce because there was a huge amount of demand. What little we could get hold of went up by 200%” in price, said Juvenal Becerra, whose UNEFARM association represents about 5,600 pharmacies in Mexico.

But he questioned whether anything illicit was involved. “It was supply and demand. Everybody was asking for oxygen, so it was kind of logical the price would have gone up,” he said.

Becerra said oxygen supply companies may have been unprepared for the huge surge in demand due to the coronavirus outbreak.

The Federal Economic Competition Commission said it was not pre-judging whether any violations occurred. It said the investigation was opened July 13 and would take at least four months.

It said that if any violations are found, companies that engage in unfair practices could face fines of up to 8% of annual revenues.

Many Mexicans have tried to treat COVID-19 symptoms at home, either out of fear of going to crowded hospitals or because the government has told people with less severe symptoms to stay at home.

The spike in home treatment not only involves supplementary oxygen. Pharmacies are getting deluged with requests from customers for unproven remedies for COVID-19.

Becerra said customers were making a run on the antibiotic azithromycin and the anti-parasite drug ivermectin.

“Before, we might ship one box a day, but it has exploded and now people are asking for 50 boxes,” he said of ivermectin.

Mexico continued to report high transmission rates Wednesday, with 6,019 newly confirmed coronavirus cases, for a cumulative total of 362,274 infections. The Health Department also reported 790 more deaths, bringing the total so far in the pandemic to 41,190, the fourth highest total, behind the United Kingdom at 45,586.

© Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


   
1Like our page
2Share
GlobalTalk
Mexico's anti-monopoly commission said Thursday it looking into possible price-fixing or monopolistic practices in the market for medical oxygen, after pharmacies reported a spike in prices and difficulties in getting tanks and refills. Prices for oxygen tanks in Mexico...
Virus Outbreak,Mexico
344
2020-38-23
Thursday, 23 July 2020 07:38 PM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved