In Depth: Drugmakers Under Pressure as Beijing Drives a Hard Bargain

Sighs echoed around the room when the assembled pharmaceutical industry representatives heard some of the bidding prices for their drugs, Wang Yu told Caixin.

The round of bulk drug procurement, the 10th since the scheme was launched nationwide in 2019, saw some of the steepest price cuts yet, with over 50 out of 385 products purchased reportedly seeing an over 90% price cuts, sparking concerns about product quality and the industry’s long-term development.