FTC, address the monopoly concerns inthis industry

THE EDITOR: I write to express my concerns about the recent acquisition of Chinook Trading Canada Ltd by Agostini's Ltd, which marks their fourth acquisition in the pharmaceutical industry.

Despite the deepening monopoly of Agostini's in this sector, there has been no action from the TT Fair Trade Commission (TTFTC) to investigate this, nor have any stakeholders publicly voiced concerns about the potential negative impacts on consumers.

In fact, the media reported the latest acquisition without questioning the implications it may have on retail price increases. It is worrying that such a significant acquisition is not being met with appropriate scrutiny and oversight to ensure that it is not detrimental to consumers.

Last year, when Agostini's acquired Collins Ltd and Carlisle Laboratories Ltd, the TT Pharmacy Board voiced concerns about a monopoly in the sector leading to retail price increases. Yet, the TTFTC dismissed these concerns, stating that the merger would not be detrimental to consumers.

It is imperative that we remain vigilant in monitoring such anti-competitive activities as unfair selling prices, predatory pricing, discriminatory behaviour, and abusive price increases of essential pharmaceutical products. It is essential that the TTFTC, as the industry regulator, takes appropriate action to protect consumers and ensure that the market remains competitive.

The pharmaceutical and healthcare sector generated $1 billion in revenues for Agostini's Ltd, which represents a 17.2 per cent increase from the previous comparable period.

The conglomerate's bottom line was boosted by the acquisition of companies in this sector, according to its financial report for the nine months ending June 30, 2022. While this is undoubtedly beneficial for the company, it should not come at the expense of consumers.

I urge the commission to take a closer look at the potential implications of this acquisition and ensure that there is appropriate oversight to prevent anti-competitive behaviour in the pharmaceutical industry.

RUSHTON PARAY, MP

opposition spokesperson

on trade and industry