21 Health Daily: Hunan Adjusts Overpriced Listed Drugs; Boya Bio to Acquire Green Cross HK; ST Muyao's Subsidiary Loses Medical Insurance Agreement

Jul 18, 2024 21:02 CST Updated 21:02

Johnson & Johnson

Medical Device R&D and Manufacturer

Source: 21st Century Economic Report

Editor: Ji Yuanyuan, Xu Qiulian

Welcome to follow the latest events in the pharmaceuticals and health industry with the 21st Century Economic Report's New Health team!

Policy Trends

Hunan Conducts Price Correction for Some Online Listed Drugs

On July 17, the Hunan Provincial Public Resources Trading Center issued the "Notice on Price Correction for Listed Drugs (First Batch of 2024)," disclosing 234 drugs that clearly do not meet the price management requirements of Hunan Province. According to the notice, the scope of this price correction includes generic drugs with a minimum formulation unit price higher than the lowest listed price of the reference preparation with the same generic name, dosage form, and specification; non-generic drugs with a minimum formulation unit price higher than the lowest listed price of generic drugs with the same generic name, dosage form, and specification; and drugs with comparable prices per minimum formulation unit higher than other specifications or different packaging numbers from the same manufacturer.

Comment 21: This action directly targets issues such as excessively high and unreasonable drug prices, helping to curb disorder in drug pricing and maintain fair competition in the pharmaceutical market. In the long term, this measure will help guide the pharmaceutical industry back to value-based healthcare, encourage companies to strengthen innovation and R&D, and improve product quality and service levels.

Pharmaceutical and Medical Device Approval

Baili Tianheng Multispecific Antibody Cancer New Drug Submits for Clinical Trial

On July 17, the official website of the Center for Drug Evaluation (CDE) of the China National Medical Products Administration announced that the clinical research application for GNC-077 multispecific antibody injection, submitted by Baili Tianheng, had been accepted. According to the prospectus recently published by Baili Tianheng, this is an innovative multispecific antibody molecule developed by Baili Tianheng based on their multispecific antibody development platform (GNC platform). Baili Tianheng has not yet disclosed the specific targets of this product.

JiMin Trustworthy Malate Avatrombopag Tablets and Active Pharmaceutical Ingredients Approved for Marketing

On July 17, Jimin Trust announced the market launch of Avatrombopag Maleate Tablets (Specification: 20mg), applicable for adult patients with chronic liver disease-related thrombocytopenia (CLDT) undergoing elective diagnostic procedures or surgeries.

Junshi Biosciences' Toripalimab New Indication Application for First-Line Treatment of Advanced Hepatocellular Carcinoma Accepted

On July 17, Junshi Biosciences announced that the NMPA has accepted the company's new indication marketing application for toripalimab, an anti-PD-1 monoclonal antibody, in combination with bevacizumab, as first-line treatment for patients with unresectable or metastatic hepatocellular carcinoma (HCC).

Earnings Disclosure

Johnson & Johnson's Second Quarter Sales Reach $22.447 Billion

On July 17, Johnson & Johnson released its financial report for the second quarter, showing sales of $22.447 billion, a year-on-year increase of 4.3%; the adjusted net profit was $6.840 billion, a year-on-year increase of 1.6%. In Johnson & Johnson's revenue, the CAR-T therapy Carvykti, developed in collaboration with Legend Biotech, achieved sales of $186 million in the second quarter, with a total sales volume of $343 million in the first half of the year, representing a year-on-year increase of 81.5%.

JETBIOFIL Expects 930% Year-on-Year Increase in Net Profit for the First Half of the Year

On July 17, JETBIOFIL announced that it expects to achieve operating revenue of 230 million yuan in the first half of the year, an increase of 16.96% year-on-year; net profit attributable to the parent company's owners is 30.5 million yuan, a year-on-year increase of 929.77%.

MaiPu Medical Expects a Year-on-Year Increase in Net Profit of 127.05%-177.51% for the First Half of the Year

On July 17, Medprin announced that it expects to achieve operating revenue of 119 million yuan to 126 million yuan in the first half of the year, representing a year-on-year increase of 38.83% to 47%; net profit attributable to shareholders of the listed company is expected to be between 27 million yuan and 33 million yuan, representing a year-on-year increase of 127.05% to 177.51%.

Capital Market

YaoSu Technology Completes Angel+ Round Financing Worth Hundreds of Millions

On July 17, Xellar Biosystems announced the completion of an angel+ round of financing worth hundreds of millions of RMB, led by TriApex, with participation from Zenxuan Investment and Tiantu Investment. Existing shareholders Legend Capital and Ya Yi Capital continued to increase their investments. This round of financing will help Xellar Biosystems further develop its AI + organ-on-a-chip technology platform and promote its in-depth application in the field of new drug development.

Asceneuron Secures $100 Million in Financing

On July 17, Asceneuron announced the completion of a $100 million oversubscribed Series C financing round to advance the clinical development of its investigational OGA inhibitor ASN51 for the treatment of neurodegenerative diseases. The financing was led by Novo Holdings, with new investors EQT Life Sciences-LSP Dementia Fund, OrbiMed, and SR One joining, alongside existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited, and Johnson & Johnson Innovation (JJDC).

Cardurion Pharmaceuticals Completes $260 Million Series B Financing

On July 17, Cardurion Pharmaceuticals announced the completion of a $260 million Series B financing round. The proceeds will be used to support late-stage clinical trials for the company’s two lead drug candidates: a potential “first-in-class” phosphodiesterase-9 (PDE9) inhibitor for the treatment of heart failure and a calcium/calmodulin-dependent protein kinase II (CaMKII) inhibitor with broad therapeutic potential. Additionally, the funds will be utilized to expand Cardurion's pipeline of drug candidates for cardiovascular indications and to further extend its research and development pipeline.

Industry Highlights

Boya Bio-pharmaceutical Plans to Acquire 100% Equity of Green Cross Hong Kong

On July 17, Boya Bio-pharmaceutical announced that the company plans to use its own funds of 1.82 billion yuan to acquire 100% equity of Green Cross Hong Kong Holding Limited by agreement, thereby indirectly acquiring Green Cross (China) Bio-products Co., Ltd., a blood products entity in China.

Fulink Technology Grants SK Company Global Rights to New Radiopharmaceutical Cancer Drug

On July 17, radiopharmaceuticals company Fulllink Technology announced that it had signed an out-licensing agreement with biotech company SK Biopharmaceuticals ("SK Company"). According to the agreement, SK Company has exclusive rights to clinically research, develop, manufacture, and commercialize the FL-091 radiopharmaceutical globally.

Public Opinion Early Warning

ST Eye Medicine's Subsidiary San Shen Tai Chinese Medicine Clinic Has Been Removed from the Medical Insurance Service Agreement

On July 17, ST Muyao announced that its subsidiary, Hangzhou Sanshentai Traditional Chinese Medicine Outpatient Department Co., Ltd. (hereinafter referred to as "Sanshentai TCM Outpatient Department"), recently received a "Protocol Handling Decision" issued by the Hangzhou Medical Security Management Service Center. The Hangzhou Medical Security Management Service Center conducted an on-site inspection of Sanshentai TCM Outpatient Department and found issues such as medical items not being recorded as required, physicians failing to check in as stipulated, and discrepancies between some patients and actual treatments. The Hangzhou Medical Security Management Service Center decided to impose a 12-point penalty on Sanshentai TCM Outpatient Department for the year 2024, terminate the agreement, and not accept定点applications for one year. Additionally, it reclaimed违规fees amounting to 190,300 yuan (already refunded) from Sanshentai TCM Outpatient Department and imposed a 30%违约fee of 45,400 yuan.

Comment 21: This penalty reflects the regulatory authorities' firm determination to safeguard the security of medical insurance funds and protect the legitimate rights and interests of patients. Through strict penalties, potential violations can be effectively deterred, enhancing the overall quality and standardization of the medical service industry.