Asia Executives On The Move: Merck, Novo Nordisk, Ascentage
Merck China R&D head leaving after overseeing several high-profile drug approvals, while Novo Nordisk China's marketing head will lead the firm's operations in Oceania.
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From orphan to cancer drugs, more products have had their prices cut in the latest round of reimbursement negotiations in China. Although the 60% average across 100 medicines was considered mild given it didn’t go beyond the previous year, it was still chilling and is prompting more firms, both multinational and domestic, to walk away from the process.
For the first time in 61 years, China has reported its population is shrinking and the new demographic shift is likely to have a far-reaching impact on the pharma sector. Meanwhile, regulators have accelerated the approval of new COVID-19 drugs to relieve acute shortages.
Recent antibody mega-deals are providing a rare bright spot for the embattled China biotech sector, amid sharply rising COVID-19 deaths in the country that indicate rebound and recovery could take longer than previously expected.