Beijing has forced the world’s top pharmaceutical companies to cut prices for their bestselling products, but they are feeling positive in China as expanded state insurance and accelerated approvals boost sales in the world’s second largest drug market.
The two largest overseas pharma companies in China by sales, AstraZeneca and Pfizer, both said China sales rose 24 per cent in the last quarter compared to the same period last year.
That was a sharp increase from last year’s growth of 15 per cent and 16 per cent respectively. “It’s suddenly a very nice performance,” AstraZeneca’s chief executive Pascal Soriot told investors on a conference call.
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