Executives call for pharmaceutical reform in China
In order to reduce drug costs, the government-led bidding system for medicine purchased by public hospitals should be cancelled, according to a group of Chinese pharmaceutical business executives, reported by the local China Daily.
Among emerging markets, China has been identified as the most important region for pharmaceutical industry growth, along with Brazil and India. Chinese price restrictions in recent years have already phased out premium pricing on drugs and squeezed pharmaceutical companies' profits.
China's pharmaceutical market is expected to soar to 2.3 trillion renminbi ($369.2 billion) by 2020, up from 926.1 billion renminbi in 2012, according to a recent report published by the Social Sciences Academic Press (The Pharma Letter January 2).
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