Excel Pharmacy fined K2 million for excessively pricing N95 face masks and Gloves

The Commission imposed a fine of MK2 million to Excel Pharmacy for excessively pricing N95 face masks and also made an order to issue a warning to the respondent for failure to furnish the Commission with information as required.

An inspection conducted on 23rd March 2020 by the CFTC Secretariat, showed that Excel Pharmacy located in Blantyre were charging MK3,000 for N95 Face Masks whose benchmark price was around MK750 representing an estimated margin of 367%. The trader was issued an interim cease and desist order, which required them to provide written justification for the price which was suspected to be excessive and an infringement of Section 43(1)(g) of the CFTA.

The trader neither formally responded to the interim cease and desist order nor reduced their prices, as confirmed during a follow up inspection conducted on 21st April 2020.