Drug Price Waterloo: China's New Bidding Process Hits MNCs Hard
China's new so-called “4+7” drug bidding pilot scheme, already expected to be a killer for some companies, has cut prices by as much as 90%, leaving all but two multinationals to bid successfully and accept the revised levels. The big reductions could also lead to further price erosion for the winning products.
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Caught between a grueling centralized bidding process and now potentially in trade war crossfire, foreign pharma firms have a lot on their plates in China. To succeed in this highly uncertain environment, observers point to the need to pursue excellence in multiple areas: product launches, medical coverage, the broad market and digital health.