The latest from Chinese pharma, including domestic regulatory approval for Sinopharm’s COVID-19 vaccine, how the country’s online healthcare industry is booming in the wake of the pandemic, and news that companies are slashing prices on new products by an average of 51 percent in order for them to be covered by China’s national insurance fund.
Sinopharm’s COVID-19 vaccine scores approval in China
China’s state-owned pharmaceutical company Sinopharm has scored approval from Chinese health authorities after reporting a 79% efficacy rate in phase 3 trials.
The vaccine has been granted a conditional marketing approval, after 60,000 volunteers took part in phase 3 clinical trials across China, UAE and Bahrain.
China’s online health platforms boom in wake of coronavirus
Chinese technology groups are vying to lead the country’s fledgling online healthcare sector after the coronavirus pandemic boosted demand for platforms that provide virtual consultations and sell medicine.
Ping An Ranks #1 in Top 100 Global Digital Health Patents for 2018-2020
Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEX: 02318; SSE: 601318) leads the world with 1,074 patent applications in the “Top 100 Global Digital Health Patents for 2018-2020”, jointly issued by the China Digital Technology Development Working Committee (CDTC) and 01 Caijing magazine. Ping An is followed by Netherlands-headquartered Philips (1,021 applications) and Johnson & Johnson of the US (535 applications).
From 2018-2020, Ping An’s 1,074 digital health patent applications were mainly focused on scenarios of smart diagnosis and treatment assistants, patient record management, medical image processing, medicine management and smart hospital management.
Pharma companies to cut prices of news drugs by 51% to access Chinese market
Patients will only need to pay a small fraction of the cost of these drugs as the lion’s share of the bill will be footed by China’s $373 billion national medical insurance fund.
Drugmakers from AstraZeneca Plc and GlaxoSmithKline Plc to BeiGene Ltd. agreed to cut prices on some of their newest drugs in China by an average of 51% in order to be covered by the country’s national insurance fund.
A total of 119 new therapies — treating ailments from pulmonary diseases and diabetes to cancers and lupus — were added for coverage by the state-run medical safety net after drawn-out negotiations, the National Healthcare Security Administration said in a notice posted on its website Monday.
China’s MicuRx Pharma secures USD 107 million in Series E round
With dual headquarters in Shanghai and San Francisco Bay Area, MicuRx delivers clinical-stage antimicrobial agents for the treatments of multidrug-resistant infections.
Inovio to partner with Chinese biotech Advaccine on COVID-19 vaccine candidate in Greater China
The company announced a licensing deal with Advaccine Biopharmaceuticals Suzhou Co. Ltd. for its COVID-19 vaccine candidate. As part of the agreement, the privately held Chinese biotech gains exclusive right to develop, manufacture, and commercialize the still-investigational vaccine in China, Hong Kong, Macao, and Taiwan. Advaccine will make an upfront payment of $3 million to Inovio, with additional possible milestone payments up to $108 million.
Chinese online health platform DXY closes USD 500M raise
DXY got its start nearly 20 years ago as an online community for doctors and other healthcare professionals, and later launched a consumer component offering health and wellness information. Today the brand includes public-facing medical advertising and job recruitment for its life science clients, as well as clinics where patients can receive in-person medical care.
Per TechCrunch, the company has reached 130 million consumers and more than 9,000 medical organizations, and a registered user base of about 20 million.
Chinese biotech startup nets $152m in CICC-led series B round
Singlera Genomics, a Chinese company focusing on non-invasive early cancer detection, announced that it has raised 1 billion yuan (US$152.7 million) in series B fundraising led by China International Capital Corporation’s (CICC) biomedical-focused fund, Furong Capital, and DT Capital Partners.
Fast-expanding Shanghai Pharma breaks ground on $1.8B biotech park focused on next-gen R&D in cell and gene therapy, as well as antibody production
The massive site is located in Pudong New Area’s Zhangjiang area and will see construction take place in two phases — 1.08 million square feet for the first, and 2.15 million square feet for the second.