Chinese Drug Price Cuts Send Drug Stocks Plummeting, Creates Market Opportunities
On Dec. 6, 2018, results for the 11-city joint procurement pilot program were released. The average price cut for 30 of the 31 drugs on the list was 45% compared with the average price over the past three years, after excluding an unusual outlier. This was larger than the market’s expectations, and Chinese pharmaceutical stocks dropped across the board, with some stocks reaching levels even lower than the drop in September and October after news of joint procurement first came out. Our fair valu...CSPC Pharmaceutical is an investment holding company. Through its subsidiaries, Co. is principally engaged in the manufacture and sale of pharmaceutical products. Co.'s operating segments include: Finished drugs; Antibiotics (intermediates and bulk drugs; Vitamin C (bulk drugs); and Caffeine and others (bulk drugs). As of Dec 31 2014, Co. had over 170 products under research and development, with focus on the therapeutic areas of cardio-cerebrovascular, diabetes, oncology, neurology and anti-infective.
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