The firm has been fined for its monopolistic conduct with its distributors and local partners to fix prices and charge minimum prices for their products.

China's National Development and Reform Commission (NDRC) imposed a fine on Medtronic (Shanghai) Management Co based on its monopolistic behavior linked to its cardiovascular and diabetes medical device products.

Medtronic spokesman was quoted by Reuters as saying: "We can confirm that Medtronic was investigated by China's National Development and Reform Commission (NDRC) related to the country's anti-monopoly law, and Medtronic accepts the NDRC's decision.

"We are absolutely committed to ensuring that we are in full compliance with local laws and regulations."

Medtronic develops and produces devices and therapies to treat more than 30 chronic diseases, including heart failure, Parkinsson's disease, urinary incontinence, Down's syndrome, obesity, chronic pain and diabetes.

Some of the company’s products include Ablations systems, electrosurgical instruments, implantable cardiac defibrillators, ablation products, endoscopy products and wound management products.

The company operates in around 155 countries across the globe with more than 260 locations.