It’s a truly sad state of affairs when the world is facing a tragedy and people out there see an opportunity for monetary gain. Such is the case across China right now, with companies and individuals selling everything from fake and illegal masks to those with wildly inflated price tags.
Given the severity of the problem, The State Administration of Market Supervision has asked people to call 12315 and report cost inflation of masks, disinfection supplies, antiviral drugs, and related medical devices.
In fact, last week, the Administration fined Jimin Kangtai Pharmacy in Chaoyang District RMB 3 million for hiking the price of their 3M brand N95 Masks to RMB 850, as compared to the average online price of RMB 143. Moreover, since last Thursday, they have investigated 31 similar cases across the country.
While brick and mortar stores are relatively easy to monitor and report, e-commerce markets have become a veritable wild west with companies who seemingly never even sold masks buying up stock and attempting to profit off peoples’ fear and cautionary steps.
For instance, one Beijing local, who wished to remain anonymous, was asked to pay RMB 1,950 for 50 masks from a WeChat account called Accessories and Gadgets $$$ based in Dongguan, Guangdong Province.
Given that these same exact masks could be purchased on jingdong.com prior to the outbreak at a mere RMB 119 for 25 units – meaning RMB 240 for 50 – that means the prices on Accessories and Gadgets $$$ are subject to a 712.5 percent increase.
What’s more, it should be noted that when she reported the account to WeChat, the violation was “confirmed” and she was urged to handle the account with “warning”, suggesting this isn’t the first time the company has been reported for questionable practices. In fact, a quick browse of their Moments suggests they specialize in selling knock-off electronics.
Accessories and Gadgets $$$ declined to comment for this story.
We understand the urgency with which we are all living right now, and waiting a day or two to get your hands on a mask may seem like eternity. Nevertheless, before you go buying a product for an egregious amount of money sight unseen, take solace in the fact that 3M is reportedly increasing its global production of their masks and other respiratory protection products.
Speaking to CNBC, 3M CEO Mike Roman said, “We are ramping to full production. We’re going 24/7.” Likewise, Roman told CNBC that, “the company is increasing production at its plants in China and other Asian countries, as well as in Europe and the United States.”
For a quick guide on how to setup a Taobao account and purchase dependable masks, check out our article here.
Photos: Insurancejournal.com, Anonymous Source
