Sunday, February 14, 2016

China to consolidate drug market, promote traditional medicines

China to consolidate drug market, promote traditional medicines

[SHANGHAI] China plans to consolidate its huge and fragmented drug market and will support a greater role for traditional Chinese medicines (TCM), the central government said in a statement on Sunday following a meeting of the State Council.
China will also strengthen safety controls and traceability of domestic drugs, the statement said, part of an ambitious programme of healthcare reforms to improve home-made medicines and reduce reliance on generic and more innovative drugs from overseas.
"Accelerating the development of our domestic drug industry will better serve our people's healthcare needs, help build a healthier China and unleash economic growth potential," the statement posted on the central government website said.
China's near 1.4 billion potential patients are a major lure for drug firms targeting growth driven by rising incomes and a fast-ageing population.
Beijing is keen, however, for local firms to take a larger slice of a healthcare bill set to hit 1.3 trillion by 2020.
The statement said China would push to consolidate the fragmented domestic sector: "We will support pharmaceutical mergers and acquisitions and foster industry leaders in order to solve the 'scattered' nature of the market," it added.
Traditional Chinese remedies, used to treat ailments from colds to cancers, will also play a greater role, the statement said. The TCM market, with expensive natural ingredients ranging from deer antler to ginseng, is set to hit US$40 billion by the end of the decade.
"We will raise investment and policy support for TCM," the statement said, adding the government would give greater support to research and development in the area as well as helping push these remedies overseas.
REUTERS

Noble Group's LNG traders leaving to join Glencore: sources

Noble Group's LNG traders leaving to join Glencore: sources

[SINGAPORE] Three liquefied natural gas (LNG) traders at Asia's biggest commodity trade house, Noble Group Ltd, including two co-heads of the team, are leaving to join rival trader Glencore, sources familiar with the matter told Reuters.
Noble and Glencore declined to comment.
The sources said that Noble will continue to trade LNG, having restarted its London-based trading desk in 2014. Noble will still have about five people involved in the LNG business.
The departures come after a tough period at Noble. The company's shares have shed more than two-thirds of their value in the past year, after Iceberg Research alleged the company inflated its assets by billions of dollars by inaccurately representing the value of its contracts.
A slump in commodity markets also hit the firm. Noble has rejected the accusations of accounting irregularities.
Last month, Noble's executives said the company was taking measures to bolster its balance sheet. It has slashed capital expenditure on areas such as its non-ferrous metals business and sold its stake in its agribusiness unit.
LNG, however, has been an attractive area for commodity traders, as a wave of export projects planned over the past decade come to fruition, boosting supply and creating trading opportunities.
One of Noble's biggest LNG ventures has been its two-year supply deal into the burgeoning Egyptian market after the country launched two import terminals last year, enabling it to quickly become a significant buyer of the fuel.
Switzerland-headquartered Glencore noted last year that LNG offered growth opportunities for the trade house.
Two trade sources separately told Reuters that two LNG traders from Glencore had recently departed from the company. Glencore declined to comment on the departures.
REUTERS

OCBC names Allen & Gledhill lawyer Christina Ong as independent director

OCBC names Allen & Gledhill lawyer Christina Ong as independent director

OCBC Bank on Monday announced the appointment of corporate lawyer Christina Ong as a non-executive independent director.
Ms Ong, 64, is the head of the financial services practice at Allen & Gledhill, where she has been a partner since 1987.
She also holds directorships at Singapore Telecommunications, SIA Engineering Company, Eastern Development Pte Ltd, Eastern Development Holdings, Trailblazer Foundation and the Singapore Tourism Board.
Ms Ong's appointment comes with immediate effect.

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