Changsheng fined $1.3B after vaccine scandal
China's National Medical Products Administration (NMPA) fined Changsheng Bio-Technology Co. Ltd. (SZSE:002680) RMB7.2 billion ($1 billion) for eight counts of manufacturing violations, falsification of records and destruction of evidence associated with the illegal production of a rabies vaccine. NMPA also revoked the company's pharmaceutical production license and seized RMB1.9 billion ($270 million) in vaccine revenue, penalizing Changsheng a total of RMB9.1 billion ($1.3 billion).
The fine is more than double the RMB3 billion ($488 million) one imposed upon the GSK China Investment Co. Ltd. subsidiary of GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) in 2014 after it was found guilty of bribing non-government personnel and violating Chinese law by offering money or property to obtain improper commercial gains (see "GSK Apologizes after Huge Fine in China")...