“全网最低价”等被列入新型垄断风险，互联网卖药受影响几何

Core Viewpoint - The article discusses the increasing regulatory scrutiny on the pharmaceutical e-commerce sector, particularly focusing on price transparency and fair competition, following the release of new guidelines by the State Administration for Market Regulation [3][4]. Regulatory Framework - The State Administration for Market Regulation issued the "Internet Platform Antitrust Compliance Guidelines," highlighting risks such as algorithm collusion, below-cost sales, and "choose one from two" practices [5][6]. - The guidelines emphasize four basic principles for platform operators: fairness in rules, ethical algorithms, compliance in competition, and targeted risk assessment based on industry characteristics [6]. Market Dynamics - The pharmaceutical e-commerce market is significant, with reported sales reaching 248.8 billion yuan in 2024, where third-party transaction service platforms account for 44% of the total [6]. - The dual role of platforms as both rule-makers and market participants complicates the competitive landscape, leading to price wars that affect both retail pharmacies and pharmaceutical companies [7]. Pricing Issues - The article highlights instances where online prices for medications are significantly lower than offline prices, raising concerns about the sustainability of such pricing strategies [7][8]. - The guidelines prohibit practices that lead to below-cost sales and require transparency in pricing, particularly in the context of promotional activities [8][9]. Compliance and Risk Assessment - Compliance with the new regulations will require platforms to assess the appropriateness of subsidies, the voluntary nature of merchant participation, and the duration of promotional activities [8][9]. - The article notes that excessive subsidies leading to below-cost pricing could be deemed anti-competitive, especially if they aim to eliminate smaller competitors [9]. Transparency and Fair Competition - The regulatory focus aims to ensure that both online and offline pricing is fair and transparent, with a goal of promoting healthy competition in the pharmaceutical market [12][13]. - Platforms are advised to avoid practices that could restrict competition, such as exclusive arrangements that limit the market space for other operators [12][13].