President Lee Calls Syringe Hoarding and Cornering an Anti-Social Act, Orders Swift Investigation and Severe Punishment

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[Financial News] President Lee Jae-myung said on the 25th that he would "severely punish this anti-social behavior, which exploits a community crisis, worsens the crisis, and makes money from it," in connection with the discovery of syringe hoarding and cornering.
Lee shared an article about the hoarding case on his X account and made the remarks. He also said, "In addition to continued crackdowns, I have instructed the Cabinet to take the strongest possible follow-up measures, including swift investigations, severe punishment, and the maximum administrative sanctions for confirmed violations."
Lee also wrote, "What's the fun in living well alone? Let's live together." It was a strong warning to some companies that had stockpiled inventory or concentrated supply on specific clients as syringe supply concerns persisted after the U.S.-Iran war.
Earlier, the Ministry of Food and Drug Safety conducted a special inspection from the 20th to the 22nd of companies that had sold fewer syringes than they received, held excessive inventory, supplied mainly to specific clients, or sold at high prices.
As a result, 32 distributors were found to have violated the Notice on Prohibition of Hoarding and Cornering Practices for Syringes and Needles. According to the MFDS, some companies stored about 130,000 syringes without selling them, while another company was found to have supplied 620,000 syringes to 33 specific clients, including medical institutions and distributors, more than 59 times its average monthly sales.
The MFDS said it identified four companies that stored syringes for more than five days while exceeding 150% of their average monthly sales, and 30 companies that excessively supplied the same buyers. Two of those companies were found to have violated both rules.
The ministry plans to file complaints and issue corrective orders against companies that violated storage rules, while companies that sold above the limit will receive corrective orders. If further violations are confirmed in follow-up inspections, companies that received corrective orders will face complaints.
However, sanctions against medical institutions that bought large quantities of syringes are expected to be difficult under the current legal framework. Under price-stabilization laws, the scope of penalties is limited to businesses that produce or sell goods, or that operate as traders.
The MFDS explained that there has been no major change in production itself, as daily syringe output this year stands at 4.6 million, about 28% higher than last year's average daily production of 3.6 million. The government plans to continue directing supply within 24 hours through online malls and other channels, while maintaining special crackdowns to stabilize the distribution network.
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west@fnnews.com Sung Seok-woo Reporter