Merck is investing €80 million ($107.67 million) in a new plant in China to make treatments for diabetes and other conditions and to realize its aspirations there. But it appears it is looking to India as a way to cut production costs on some of its older products.
GlaxoSmithKline may have a bigger problem in China than previously thought. Before news about potential corruption in its pharma business surfaced, U.S. officials were already looking into possible bribery in its consumer healthcare unit. And so was GSK.
China has interrupted another group it says was illegally manufacturing capsules from chromium-laced gelatin. A lot of them.
Newly minted biopharma billionaire Liu Dianbo has added to his fortune while burnishing his rep as one of the top biotech drug developers in China. His company, Luye Pharma Group, acquired a 58% stake in Beijing Jialin Pharma Pharmaceutical for close to $600 million, beefing up its pipeline of cardiovascular drugs while expanding its product lineup.
China's pharma corruption crackdown hasn't helped multinationals' top lines, which only recently began returning to normal after taking a hit last fall. But it may be opening up an opportunity for domestic drugmakers and their owners--like new Billionaire Club member Liu Dian Bo--to make a splash.
Medtronic has tied its long-term growth to three pillars: strong U.S. sales, double-digit growth in emerging markets and Covidien. But last quarter, the medical device giant didn't deliver on emerging market revenue growth as it encountered difficulties with distributors in India and China. It expects to return to double-digit gains in both countries this fiscal year.
Global med tech companies could soon face mounting competition in China, as the country's top health authority is calling for a new set of initiatives to promote homegrown products and jumpstart the domestic industry.
Chinese medical device maker Mindray is seeing slower sales at home but hopes a focus on private hospitals in China will help turn that around. The company reduced its 2014 guidance, but investors were forgiving and pushed shares up 3% in early trading on second-quarter earnings.
China finally has a verdict on the husband-wife investigator team linked to GlaxoSmithKline's bribery scandal: U.K. citizen Peter Humphrey is headed for 2.5 years behind bars, and his American wife, Yu Yingzeng, will get 2 years, Pharmafile reports.
Quintiles has signed a deal with a Roche diagnostics subsidiary to offer cancer screenings in China, looking to capitalize on the growing market for clinical trials in the country.