Drugmakers agree to cut prices of expensive patent drugs in China
China's health authority on Friday announced cuts of over 50% in the prices of three patent drugs, reports the state news agency Xinhua.
The National Health and Family Planning Commission said pharmaceutical manufacturers have agreed to lower some drugs' prices on condition of bulk purchase.
UK pharma major GlaxoSmithKline (LSE: GSK) will reduce the price of tenofovir disoproxil (trade name Viread), a treatment for hepatitis B, from 1,500 renminbi ($229) to 490 renminbi per month, according to the Xinhua report.
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