Gloria Pharma to Pay Poland's Bioton USD9 Mln After Ending China Insulin Sales Deal - (Yicai Global via NewsPoints Desk)

  • Harbin Gloria Pharmaceuticals will pay a $9-million penalty to terminate its exclusive distribution agreement with Polish insulin maker Bioton and its Singapore unit Scigen, reported Yicai Global.

  • According to Gloria Pharma, China's drive to make drugs more affordable will impact pricing and make sales more challenging.

  • China's healthcare reforms have centralized procurement and capped the price of medicines that can be reimbursed by the national medical insurance scheme, the company noted, adding that as a result, it has not been able to meet the minimum orders agreed. 

  • Should it have remained contractually bound, the firm would need to buy at least $138 million worth of the drugs from this year to 2025, the news source said.

  • In 2015, Gloria Pharma paid $4.3 million for 10-year exclusive supply and distribution rights of Bioton's human insulin products using recombinant DNA technology and the right to use the SciLin trademark in China. 

  • It ended the deal last August, Warsaw-based Biotin said in a statement at the time.

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