As the supply of medical devices such as syringes has become unstable due to the aftermath of the Middle East war, the government will launch a special crackdown on hoarding. The aim is to prevent the issue of naphtha supplies, a raw material for various plastics, from affecting medical settings.
The Ministery of Food and Drug Safety said on the 19th that it will conduct a special on-site distribution crackdown starting on the 20th to check for hoarding (買占賣惜) of syringes. Earlier, the Ministery of Food and Drug Safety implemented a notice banning hoarding of syringes and needles and has been receiving daily production volume reports from manufacturers. Cases such as storing more than 150% of the monthly average sales volume for five days or longer constitute hoarding.
The Ministery of Food and Drug Safety will organize more than 70 officials, including a central investigation team and medical device inspectors, into 35 squads to inspect suspected companies. Daily production volume at syringe manufacturers is being maintained at 4.45 million units. However, with some hospitals and clinics short on syringe inventory and online malls seeing price hikes and sellouts, the agency said it will examine the possibility that hoarding occurred at the distribution stage.
Companies found to be hoarding can face up to three years in prison or fines of up to 1 billion won under the Price Stabilization Act and other laws. Oh Yu-Kyoung, head of the Ministery of Food and Drug Safety, emphasized, "We will respond firmly to market-disrupting practices."