Eight For 8: Things You Need To Know About China Biopharma Commercial In 2018
From AI to IPOs, from access models to mobile payments, China’s biopharma sector increasingly became a global leader in biotech financing and digital health innovation in 2018. Here is Scrip's pick of eight key events that captured the major developments in China’s dynamic, highly fluid biopharma commercial scene throughout the year.
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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.
2018 is set to break the record for new drug approvals in China, which have included some immuno-oncology and powerful antiviral therapies. Providing access to these high-priced medicines to more patients in the populous country was high on the minds of several multinationals during a recent conference in Shanghai.
With tens of millions of dollars in sales at stake, a number of mostly commonly used drugs are subject to the first-ever nationwide drug price bidding process in China, with foreign firms seeing the move as opening the floodgate to a potential downward price spiral in the world’s second-largest pharma market.