South Africa’s Competition Commission has leveled accusations against Adcock Ingram Holdings Ltd. that it profited from the COVID‑19 crisis by withholding pricing benefits from Baxter International for dialysis equipment. The commission warned that penalties can reach 10 % of annual revenue for repeat offenders. The matter will move to the Competition Tribunal before any legal action is filed today.

Adcock, a Johannesburg‑based firm, is jointly owned by Bidvest Group with a 64.3 % stake and India’s Natco Pharma, which bought the remainder last year. The company recently de‑listed from the JSE after reporting 9.76 billion rand ($602 million) in sales through June 2025. Past infractions include a 2017 merger‑structure fine and a 53.5 million rand penalty from 2008 price‑fixing that highlighted regulatory risk.

The Competition Commission will not comment further, while Bidvest declined to weigh in. If found guilty, Adcock faces a fine that could exceed 10 % of its annual revenue, adding pressure to its already strained profit margins. This probe signals a tougher stance on pharmaceutical pricing in South Africa and investor confidence will diminish unless regulatory reforms are implemented soon to ensure fair market conditions.