Government to Strictly Crack Down on Hoarding of Syringes and Needles... Notice Enforced from Tomorrow

Prohibition on Excessive Stockpiling and Sales Avoidance:
"150% of Average Monthly Sales" Rule Introduced
Up to Three Years' Imprisonment for Violations
Report Center Established at Ministry of Food and Drug Safety

The government has announced that it will swiftly implement a ban on hoarding and cornering of essential medical supplies, specifically syringes and syringe needles, to prevent confusion in medical settings.

Syringe needles exhibited at 2024 Mediexpo Korea. Photo by Yonhap News.

On April 13, the government stated that it, together with relevant ministries, has established the "Notice on Prohibition of Hoarding and Cornering of Syringes and Syringe Needles" to prevent hoarding and sales avoidance for the purpose of excessive profits. This measure will be officially enforced from April 14 and will be in effect until June 30, aiming to ensure public health and economic stability.

According to the notice, businesses that manufacture or sell syringes and syringe needles must not excessively stockpile products or avoid sales without justifiable reasons.

Specific criteria are as follows: For businesses operating prior to 2024, it is prohibited to hold syringes or syringe needles for more than five days in quantities exceeding 150% of the average monthly sales volume in the previous year. Additionally, it is restricted to sell more than 110% of the average monthly sales volume for 2025 in any given month, or to sell to a specific buyer in excess of the average monthly sales volume between December 2025 and February 2026. Businesses newly established after 2026 are required to sell or return products within 10 days from the date of manufacture or purchase.

Violations of this notice will be subject to strict penalties under the "Price Stabilization Act." Offenders may face correction orders, up to three years of imprisonment, or a fine of up to 100 million won, and related goods may be confiscated or collected.

The Ministry of Economy and Finance plans to strengthen enforcement in cooperation with the Ministry of Food and Drug Safety and local governments. To this end, a "Syringe and Syringe Needle Hoarding and Cornering Report Center" will be established for continuous operation at the Ministry of Food and Drug Safety. In addition, joint inspection teams with local governments will be mobilized to thoroughly monitor and control hoarding and cornering activities.

This content was produced with the assistance of AI translation services.