China to cut cancer drug prices; Nimbus nabs Gilead's Adrian Ray to serve as SVP of discovery biology
→ China’s medical insurance authorities are pledging to slash cancer drug prices, according to a weekend report from the Communist party-run People’s Daily. Drugs already covered by state insurance could have their prices cut by 10%, with possible reductions of up to 50% for other medications as a condition of being added to the state insurance scheme, according to a Financial Times report. Quoting unnamed sources “familiar with the matter,” the FT said several multinational pharma companies have been invited to talks with government officials over prices this week. Cancer drug price cuts could affect the revenues for companies like Eli Lilly, Roche, and Novartis, which all launched oncology products in the region.
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