Maroc - NEWSDAY.CO.TT - A la Une - 23/Jan 03:28

Browne dismisses Mark’s pharmaceutical monopoly claims

LEADER of Government Business Dr Amery Browne has rejected claims by Opposition Senator Wade Mark about an alleged monopoly by a company in the pharmaceutical sector. He did so in response to a matter which Mark raised on the adjournment of the Senate on January 21. Mark claimed a particular company had a 30 per cent stake in the pharmaceutical sector and was abusing its power. He also claimed the Fair Trading Commission was "sleeping at the wheel." In response, Browne advised Mark "30 per cent does not a monopoly make." He reminded senators about the proclamation of the Free Trading Act in 2020 and the commission being created as a result of that legislation. Browne said the commission continued to work hard to promote fair trade in all sectors of the economy. The legislation, he continued, clearly shows that just because a company has a monopoly in one sector does not mean it has automatically committed an offence. Browne said a firm with a monopoly status will "be considered to be abusing that power if it impedes the maintenance of or development of effective competition in a particular market with the firm then being in breach with the provisions of the Fair Trading Act." He added potential abuses include restricting enterprise from entering the market, preventing or deterring an enterprise from engaging in competition, eliminating an enterprise from a market and charging prices which are unreasonable or prejudicial to the consumer. Browne said the commission had been engaging stakeholders in the pharmaceutical sector to ensure fair trade practices were being adhered to. He described Mark's actions as filling a pinata with unfounded allegations and then beating it for ten minutes in the hope that something of substance fell out. Browne advised senators the commission welcomed input from members of the public about any concerns they had with respect to fair trade. The post Browne dismisses Mark’s pharmaceutical monopoly claims appeared first on Trinidad and Tobago Newsday.