ARTICLE | Company News
Chinese biopharma stocks plummet after centralized tendering report
December 7, 2018 7:00 PM UTC
Chinese biopharma stocks tumbled Dec. 6 in the wake of media and analyst reports suggesting that pricing discounts on generic drugs under China's centralized procurement program were greater than expected.
State-owned Shanghai Securities News reported significantly discounted prices for drugs in the program, including a 90% cut for antiviral entecavir and a 60% cut for hypertension drug irbesartan. In an analyst note, Morgan Stanley's Sean Wu called the overall price cut much steeper than the 30-40% expected by the market...