A statement by the Competition and Fair Trading Commission (CFTC) has outlined that an investigation has been launched, for 5 pharmaceutical companies that have been allegedly overpricing medical items during the coronavirus pandemic.

According to the statement, the commission will impose stiff sanctions against any pharmaceutical company or trader proven to be excessively pricing the supply of supplies used in the management of the pandemic.

Last year in May, CFTC fined 8 pharmacy shops with a total of K9,250,000 for excessive charging on coronavirus related items. This followed an announcement in April that year, that CFTC would implement a strict monitoring of price controls and punish anyone found increasing prices at the expense of Malawians, amidst the coronavirus pandemic. The fine was charged after the commission held the Extraordinary Board Meeting in Lilongwe on 24th April 2020, to deliberate on cases of alleged unfair trading practices in relation to the supply of essential protective and preventive equipment.