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.
Ventana and Quintiles are partnering up to provide companion diagnostic testing services in China for early clinical trials. China is among a few countries that requires patient samples used in clinical trials to be tested domestically for inclusion in the country's approval process.
On Friday, 19-year-old Harvey Humphrey visited his parents, the husband-and-wife team of private detectives who did investigative work for GlaxoSmithKline's disgraced China office, for the first time since they were detained by Chinese police last summer. The family saga painfully illustrates the potential pitfalls of doing business in China.
The British company said Thursday that it had received an email containing allegations from a whistleblower pertaining to bribes paid by GSK's consumer healthcare operation in Syria before it was shut down amidst the country's civil war in 2012.
China's Kinetic Medical is taking its cues from foreign companies like Medtronic but has local advantages as well. While co-founder Jay Qin says its products are of comparable quality as international brands, he believes Kinetic's popularity stems from better understanding of domestic practices, insuring his company was able to grab up loyal customers from its inception as a small, three-man startup in 2005.
Merck KGaA will start construction next month on a plant to make diabetes drugs in China, a market it says is key to its future. The market is so important that the executive board of the German drugmaker held an event there to reiterate that point to Chinese officials.