Everest Refocuses After Trodelvy Twist
A shift in investor sentiment in 2021 hit Everest hard when it was expanding the commercial team for cancer drug Trodelvy. Entering 2022, the sustained downturn in the capital market environment eventually changed the way the Chinese biotech considers launching drugs in the market.
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The 2022 pricing negotiations for innovative drugs organized by China’s National Healthcare Security Administration have slashed prices of included products by 60% on average, a level mostly unchanged from the 2021 round, although 36% more novel medicines were covered.
Around the turn of the year, four Chinese biotechs including Kelun Biotech and BioRay ramped up funding with deals worth more than $100m, at a time when overall investment sentiment in the sector remains gloomy.