China Cuts Prices for Three Drugs by More Than 50 Percent

In an effort to lower prescription drug spending, China is slashing prices for three drugs by more than 50 percent, a move that will hit both GlaxoSmithKline and AstraZeneca in the wallet.

The policy change announced by China’s National Health and Family Planning Commission’s requires GSK, AstraZeneca and Betta Pharmaceuticals all to cut prices on expensive treatments in exchange for bulk purchasing, according to state-sponsored news agency Xinhua.