Poland fines drug wholesalers 905 million PLN for ten-year pricing collusion

Antitrust ruling and penalty breakdown

Poland's Office of Competition and Consumer Protection (UOKiK) imposed 904.9 million PLN in fines on four pharmaceutical wholesale companies for operating an illegal agreement on wholesale medicine prices. The European Commission reviewed and approved the decision based on evidence obtained during regulatory searches. The watchdog allocated roughly 499 million PLN in fines to Neuca, 400 million PLN to Farmacol-Logistyka, 3.5 million PLN to Farmacol, and 1.9 million PLN to Neuca subsidiary Świat Zdrowia. Penalties for anti-competitive agreements can reach up to 10% of a company's annual turnover. Polska Grupa Farmaceutyczna (PGF) avoided financial sanctions entirely after utilizing a leniency program, reporting the practice to UOKiK when it identified potential legal violations, and providing evidence during the inquiry.

Mechanism of wholesale market coordination

Between 2015 and 2022, Neuca, Farmacol, and Polska Grupa Farmaceutyczna held a combined share of more than 70% of the Polish pharmaceutical wholesale market. UOKiK established that the companies shared sensitive commercial information, including current drug prices, sales volumes, and commercial terms offered to pharmacies, for more than 10 years to limit competition and avoid price wars. Wholesalers accessed non-public pharmacy purchase data through IT tools integrated into pharmacy partner programs in exchange for discounts, training, and marketing support. Neuca and PGF utilized this data starting in October 2015, while Farmacol group companies joined in January 2017.

UOKiK described how the systematic information sharing suppressed normal market behavior across the wholesale sector.

In a competitive market, ignorance of what a rival will do forces entrepreneurs to compete: with lower prices, better offers, discounts, or more favorable terms of cooperation. In the Polish wholesale pharmaceutical market over the past decade, this mechanism was disrupted. The largest players had access to detailed information about competitor activities, allowing them to avoid dynamic competition in the market.

Stock reaction on the Warsaw exchange

Following the announcement on the morning of 21 September 2026, shares in Toruń-based Neuca dropped on the Warsaw Stock Exchange by as much as 18.8% to 627 PLN per share, marking their lowest price in a year. By 13:00, the decline moderated to 15.9% at 650 PLN per share, compared to a 1.3% rise in the benchmark mWIG40 index. Trading volume reached 27,800 shares by 13:00, well above the three-month full-session average of 3,700 shares. The sell-off erased roughly 540 million PLN from Neuca's market capitalization, lowering its valuation to 3.02 billion PLN.

Corporate response and pending appeal

Neuca issued a statement indicating that it entirely rejects the allegations set out in the UOKiK decision. The company announced that it intends to exercise its right of appeal before the Court of Competition and Consumer Protection (SOKiK).

The management board categorically disagrees with the decision of the President of the Office of Competition and Consumer Protection regarding the alleged conclusion of an agreement restricting competition and imposing financial penalties on the companies. The management board is fully convinced of the legality of its actions and will seek to completely overturn the imposed sanction.

Because the regulatory decision is not legally binding, the final amount of any penalty and the due date for payment remain subject to the conclusion of judicial appeals and the issuance of a final ruling.