The UK Competition and Markets Authority (CMA) last week fined pharmaceutical companies Pfizer and Flynn £63 million and £6.7 million for engaging in excessive pricing. In the CMA’s view, the companies charged unfairly high prices for Phenytoin capsules, a genericised anti-epilepsy drug, in violation of competition law. The CMA’s decision  comes nearly six years after the CMA’s original infringement decision for the same conduct, and appeals to the Competition Appeal Tribunal (CAT) and Court of Appeal. The Court of Appeal had remitted the case to the CMA after clarifying the legal test for excessive pricing. The CMA has now arrived at the same substantive conclusion as in 2016, with Pfizer slightly better and Flynn slightly worse off regarding their respective level of fines. How did
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