World’s Largest Free Trade Bloc Hailed In China Amid Supply Chain Challenges
Zero Tariffs For 90% Of Region's Goods Trade
Covering nearly a third of the world’s population and roughly 30% of global GDP, the newly signed Regional Comprehensive Economic Partnership is set to accelerate trade within the Asia Pacific region. But India’s last-minute withdrawal means China may dominate the agenda going forward.
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In a bid to ensure long-term medicines security, the Indian government has earmarked $1.32bn to promote domestic production of 53 APIs, including lopinavir and ritonavir currently being evaluated to treat COVID-19 cases, as well as antibiotics, for which India is highly dependent on China.
While many pharma firms in China choose to partner with US companies, Jiangsu Hengrui is relying on itself to go global. The Chinese pharma giant is betting on its newly established US subsidiary Luzsana in a major move to make its wide-ranging products more available, accessible and affordable to patients in the US and the rest of the world.
Home-grown Chinese mRNA COVID-19 vaccines are more effective than domestic inactivated virus-based shots, new trial results show.