Look, world--our house-cleaning is working. That's what China's drug regulators are saying today with a new, statistics-filled report. Its leading number: More than 7,300 pharma companies have withdrawn applications for drug approval because of new, more stringent rules. That's 24 percent of the applications investigated since the safety campaign began in July.
Meanwhile, about 180 drugs were banned because of false advertising, and 300 drug and device makers were shut down for poor-quality products. Hundreds of illegal manufacturing sites have been raided and shut down.
It's no surprise that China is flaunting these stats. The country badly needs to redeem its reputation, because exports to the U.S. and other industrialized nations are key to its pocketbook. A scandal-ridden drug industry just won't do.
- read the report for more