Posted by Michael Wonder on 06 Dec 2018
China's drug makers plunge most since 2009 on price concerns
6 December 2018 - Price of one drug was cut by 90% in official tender: report.
Chinese drug stocks dropped the most in a decade amid concern the government is driving down generic drug prices through a centralised procurement program.
CSPC Pharmaceutical Group Ltd., which is bidding to provide drugs to Chinese cities in the program, tumbled 14% at the close in Hong Kong Thursday, its biggest decline since 2008. Sino Biopharmaceutical Ltd. dropped almost 16%. The MSCI China Health Care Index fell 8.4%, the biggest decline since 2009.
