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China’s Biggest Round of Drug Price Cuts Crowds Out Global Firms

Jan. 18, 2020, 2:11 AM

China’s biggest-ever round of drug price cuts saw global drugmakers losing most of the nationwide contracts to local rivals, as Beijing aggressively pushes to contain health care costs by an average of 53% decline in latest bulk purchase.

Among 33 commonly-used medicines in a bidding exercise on Friday, some money-makers for global pharmaceutical companies had the deepest cuts, with the biggest one being as high as 93% as shown in a government-funded medical procurement website. Bayer AG’s diabetes drug acarbose had its price slashed by 80%, said Zhang Jialin, a health care analyst at ICBC International.

Some other...

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