As med tech companies set their sails toward China, a new trade agreement between the U.S. and Chinese governments looks to ease restrictions for imports, paving the way for greater expansion by U.S. devicemakers.
U.S. and Chinese trade officials announced on Thursday that China will streamline drug approvals and promised equal treatment of U.S. and Chinese companies in pricing probes.
China's Neusoft will receive $610 million from a variety of investors including Goldman Sachs to fund its medical imaging and healthcare IT ambitions.
China has approved a locally developed Ebola vaccine from its Academy of Military Medical Sciences for clinical trials, state news agency Xinhua said Thursday.
Epigenomics won marketing approval in China for its next-generation colorectal cancer test, moving the company forward on its path toward global commercialization for the product and helping it compete in an increasingly competitive playing field.
Edwards Lifesciences led a $50 million financing for catheter-based heart failure treatment startup CardioKinetix. The cash is expected to enable the completion of an ongoing U.S. pivotal trial for the company's Parachute Ventricular Partitioning Device with a PMA submission to the FDA to follow, as well as to finance international marketing efforts.
WuXi PharmaTech is moving toward an IPO for one of its R&D and manufacturing subsidiaries, hoping to take advantage of a new market in its native China.
GlaxoSmithKline's bribery scandal in China has changed the way drugmakers do business there. For Bristol-Myers Squibb, it means a smaller structure, with much of the shrinkage coming in the sales ranks.
Western drugmakers were pretty head-over-heels about prospects in China until authorities launched a bribery probe against GlaxoSmithKline which dragged on for a year and ended with a half billion dollar fine and people going to jail. That has left drugmakers to rethink their strategies there and for Bristol-Myers Squibb it means cutting hundreds off its payroll.
Some good news for emerging-market ambitions: China is backpedaling on price caps. After shortages prompted the government to ease up on certain price controls earlier this year, officials are now preparing to lift the price controls as early as Jan. 1.