The world’s largest pharmaceutical companies, which are struggling with pricing pressures in China, are hoping that wider access to drugs and a faster approval process will boost sales.
China is the world’s second-largest pharmaceutical market with sales worth $116.7bn in 2016, according to QuintilesIMS. But the spread of public health insurance has handed provincial governments greater power over prices.
A range of companies have reported slowing or even falling sales in China, with Merck saying its sales there fell 3 per cent in the first quarter.
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