Trade Ministry: No private distribution of covid19 vaccine

The Ministry of Trade and Industry (MTI) has distanced itself from the merger of the Agostini Group, Oscar Francois Ltd and Intersol Ltd and the notion that the covid19 vaccine would be distributed through this private entity.

In a media release it said the merger fell under the remit of the TT Fair Trade Commission (TTFTC), which also oversees the promotion competition, prevent anti-competitive practices such as price-fixing, market-sharing, collusion, cartels and bid-rigging.

It said, “The TTFTC has advised that the review and approval process associated with the particular merger within the local pharmaceutical industry took over four months.

“The commission has further advised that this review process involved consultations with various stakeholders in the pharmaceutical industry as the commission needed to be satisfied that the proposed merger transaction would not adversely affect competition and would not be detrimental to consumers or the local economy.”

MTI said rumours that the merger sought to provide the Agostini Group with a supply of the covid19 vaccine to the population were false.

“Members of the public are advised that such vaccines are only being sourced by the government of TT through bilateral channels and the Covax Facility as previously disclosed by the Minister of Health.

“All vaccines procured by the government will be consigned directly to the Ministry of Health.”

TTFTC executive director Bevan Narinesingh told Newsday that the commission intended to monitor the transactions undertaken under the new merger to ensure that there are no unfair advantages in the pharmaceutical industry.

He said, “A monopoly is not illegal under the Fair Trade Act, but remember, the vaccine will not be distributed by this company. The rollout of the vaccine is going to be done by the government through Covax, and not these distributors in TT. This was indicated in the merger application."