Yuyue Medical was fined 2.7 million yuan for inflating the price of oximeters!

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Netizen complaints

Yuyue Medical inflated the price of oximeter

At the end of 2022, the price increase of Yuyue oximeter caused a crisis of confidence among consumers. The company’s main business is to promote the development of the company’s products.

▲File photo

In response to the consumer’s query, Yuyue Medical replied that the recall was due to the wrong shipment, and the price increase was first claimed that the price was set by the merchant itself, and then said that the price of the product had increased due to increased costs and the cancellation of concessions. The company’s response has not been well received by consumers.

Market Supervision Bureau

The company has been investigated by the market supervision bureau.

According to the work requirements of Jiangsu Provincial Market Supervision Bureau, Zhenjiang Municipal Market Supervision Bureau opened a case for investigation on January 17, 2023 to investigate the illegal behavior of the party suspected of price gouging.

It was found that Yuyue Medical had the following price behaviors: In November 2022, the average cost of production and sales of Yuyue Medical’s finger-clamp pulse oximeter (hereinafter referred to as oximeter) with model number **306 was RMB 43.8/unit (including tax, the same below), and the average cost of production and storage in December was RMB 64.4/unit. In November 2022, the average price of blood oxygen meter sold to its subsidiary Jiangsu Yuyue Network Technology Co.

Average sales price rose 131.78% YoY

Yuyue Medical was fined 2.7 million yuan

Zhenjiang Municipal Bureau of Market Supervision considered that since December 2022, Yuyue Medical had taken advantage of the tight supply and demand situation in the market to substantially increase the sales price of the product under the circumstance that the average cost of the production of oximeters had increased by 47% in the chain, and the average sales price had increased by 131.78% in the chain, and the increase of sales price was obviously higher than the increase of cost, which promoted the market price of oximeters to rise too fast and too high Disturbing the market price order.

According to Article 14 of the Price Law and Article 6 of the Provisions on Administrative Punishment for Price Violations, Zhenjiang Municipal Market Supervision Bureau held a case hearing on January 30, 2023 to discuss the case collectively and decided to order Yuyue to correct the price violations and fine 2.7 million yuan.