Stricter Checks on Medicines
This article was originally published in PharmAsia News
Executive SummaryXinhua News Agency (01/28/07) Starting in the second half of 2007, Chinese authorities plan to review close to 170,000 drug approvals in order to retest drugs, examine their market track record in official databases, and remove inadequate drugs from the Chinese marketplace. The review will apply to drugs that won Good Manufacturing Practice (GMP) certificates in 2004 and 2005. The Chinese pharmaceutical industry contains numerous companies that copy existing products and sell them under a new name for higher than usual prices. China Galaxy Securities analyst Liu Yanming says revoking licenses will improve market competitiveness, spur more research and development, and likely lead to mergers in China's drug industry. (Click here for more
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