By Nathan Gill and James Attwood

April 16 (Bloomberg) — Farmacias Ahumada SA, Chile’s second-biggest drugstore chain known as Fasa, will reimburse customers hit by inflated medicine prices.

Fasa plans to return 2.5 billion pesos ($4.3 million) through refunds or credit for new purchases, Alejandro Rosemblatt, the company’s chief executive, told reporters in Santiago today.

Fasa said last month it joined with rivals to raise prices of 222 medications. The Santiago-based company agreed with regulators to pay $1 million in the case involving drugs sold from December 2007 to March 2008.

“Farmacias Ahumada will compensate the difference produced in prices during this period, in these products, through a mechanism that will hopefully reach the largest number of people possible,” Rosemblatt said to reporters today in Santiago. “We are convinced that this is an adequate way to respond to this issue.”