13 February 2014

Government to keep a close eye on misuse of market power case

The Federal Government will keep a close eye on the ACCC’s case against Pfizer for its alleged misuse of market power ahead of an independent ‘root and branch’ review of competition law.

The ACCC announced today that it had instituted proceedings in the Federal Court of Australia against the pharmaceutical company for behaviour it alleges was anti-competitive and against the long-term consumer interest.

As part of the ‘root and branch’ review of competition law the independent panel will look at claims that the misuse of market power provision isn’t living up to the expectations that the law makers had at the time of its introduction.

Removing impediments to fair competition rewards responsive businesses that create new innovative products and allows the economy to grow while driving down the cost of living.

As a Government we have made it clear we want competition based on merit not on muscle and competition law and policy settings that ensure that efficient business, big and small can prosper.