Chinese CRO WuXi PharmaTech has convinced Steve Yang, head of Asian R&D for AstraZeneca, to jump ship, joining the company as it looks to expand its presence in its home country and abroad.
On Tuesday, the Chinese government quietly announced that it is easing up on its policy of restricting drug prices and will allow pharmaceutical companies to set prices on some medicines, according to Reuters.
The FDA has been trying for several years to expand its inspection staff in China, a country that accounts for many of the active pharmaceutical ingredients used in U.S. drugs. But according to testimony in a hearing last week, the agency currently has only two drug inspectors stationed in the country.
WuXi PharmaTech, China's largest pharma outsourcing outfit, is investing in a startup that makes tiny, edible bar codes designed to prevent drug counterfeiting, planning to offer the same technology to its manufacturing customers.
With GlaxoSmithKline's China operations under investigation amid bribery allegations, the company is keeping its employees there under a more watchful eye.
Nine months after GlaxoSmithKline's bribery scandal first ignited a corruption hunt among Big Pharma companies in China, drugmakers--GSK excepted--are returning to the strong emerging-markets growth they're accustomed to in the country.
Dehaier Medical Systems' turnaround hasn't paid off yet. The Chinese medical device maker spent 2013 reorienting its business towards government procurement and sleep respiratory devices, and away from the increasingly competitive medical equipment business. Amid the refocus, annual revenue declined 21.11% to $16.86 million and net income fell to $2 million in 2013 from $3.22 million during 2012.
China's President Xi Jinping was in Germany last week, and Bayer Healthcare presented him with a gift of sorts in honor of the visit. The German drugmaker announced it will invest €100 million to expand packaging and logistics at its plant in Beijing.
Medical device makers will soon face stricter regulation in China, as lawmakers passed new rules governing sales and manufacturing of medical equipment. The rules provide a major overhaul to decade-old legislation and increase punishment for the most serious corporate malpractice violations, Reuters reported.
AstraZeneca has struck up a partnership with the Shenzhen University Health Science Center in Shanghai to collaborate on preclinical work for chronic kidney disease treatments, a growing problem among China's aging population.