Sun Piaoyang, 61, who’s led Jiangsu Hengrui Medicine for 30 years, will no longer serve as the Chinese pharma major’s chairman, the company said in a securities filing (Chinese, PDF) Friday. Taking his place will be Zhou Yunshu, a Hengrui veteran who’s been its president for 17 years.
China is quickly approving many of the newest cancer drugs but it also is demanding big discounts if drugmakers want them on its national insurance coverage list. In fact, in the latest round of negotiations, drugmakers offered up discounts averaging 56.7% for medications that included blockbusters from Novartis, Pfizer and AstraZeneca.
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