As 'Zero COVID' Eases... Medicine and Rapid Antigen Test Kit Hoarding
Flu Treatment Drug Prices Soar Up to 240%
Citizens of Beijing lining up in front of a pharmacy as the Chinese government eases quarantine measures. Photo by Yonhap News
[Asia Economy Culture Young Intern Reporter] Recently, as the Chinese government has eased COVID-19 prevention regulations, a sharp increase in new confirmed cases is expected, leading to a rush to stockpile quarantine supplies and medicines in major cities such as Beijing and Guangzhou. In response, the Chinese government has warned that it will punish market disruption caused by unfair price hikes of medicines.
The State Administration for Market Regulation (hereinafter referred to as the Administration), China's fair trade supervisory agency, issued a "Warning on the Prices and Competition Order of Epidemic-related Goods" on the 9th. The state-run China Central Television (CCTV) reported that the warning listed nine types of unfair practices and announced crackdowns.
The Administration stated, "Prices must be set reasonably according to the law, and fair competition must be conducted," adding, "Price-fixing regulations must not be violated." It also pointed out that prices should not be raised significantly without a substantial increase in costs or beyond the level of cost increases, and warned against false advertising.
Furthermore, it instructed, "Market supervision departments at all levels should strengthen law enforcement and investigate and handle various illegal activities according to the law." It urged, "Typical cases with malicious circumstances will be severely punished and publicly disclosed according to the law," and called for immediate reporting if any illegal clues are found.
In fact, the Chaoyang District Market Supervision Administration in Beijing fined a pharmacy 3,000 yuan (approximately 560,000 KRW) for selling COVID-19 related medicines at inflated prices. The investigation revealed that the pharmacy sold two boxes of medicine priced at 36.8 yuan as 38.5 yuan each by deception.
The stockpiling of medicines has emerged as Chinese authorities allow infected individuals to undergo self-quarantine treatment. Citizens are preparing by stocking up on cold medicine and antipyretics in case they become infected. As a result, long lines of people trying to purchase medicines and rapid antigen test kits can be seen in major cities.
According to local media, the price of 'Lianhua Qingwen,' a traditional Chinese medicine flu treatment, has reportedly surged by up to 240% recently in China. Previously, a box of 48 tablets could be purchased for 30 yuan (about 5,600 KRW), but in some pharmacies, the selling price has risen to 102 yuan (about 19,000 KRW).
Meanwhile, Zhong Nanshan, an authority on infectious diseases in China and an academician of the Chinese Academy of Engineering, said at the Chinese Medical Association's virtual annual conference on respiratory pathology held that day, "99% of Omicron variant infected patients recover within a week, or at most ten days," adding, "There is no need to fear infection." He emphasized vaccination and stated, "Asymptomatic cases mean a significantly lower fatality rate and cannot be considered as COVID-19 infections."
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