On 10 March 2020, the Court of Appeal handed down its judgment on an appeal relating to a fine of nearly £90 million imposed in 2016 by the Competition and Markets Authority (CMA) on Pfizer Inc. (“Pfizer”) and Flynn Pharma Ltd. (“Flynn”) for excessive pricing of an anti-epilepsy medicine.

The judgment is a landmark ruling on the economic tests to be applied when considering whether prices charged by a dominant undertaking amount to an abuse of a dominant position, clarifying the interpretation of the tests established in the seminal United Brands case.

Given the opportunities presented by the novel coronavirus (COVID-19) pandemic for excessive pricing of products in high demand and short supply, this clarification is of immediate relevance to both competition authorities and dominant undertakings.

Read the full paper from Greg Harman and Adam Mantzos.