In 2023, Japan has faced mounting criticism from the pharma industry for its annual price reductions. Ahead of the G7 summit hosted in Japan in May 2023, a delegation of 24 CEOs from the Biopharmaceutical CEO Roundtable met with Japanese Prime Minister Fumio Kishida to discuss global priorities and to flag concerns over drug pricing policies in Japan. Meanwhile, in 2023, China agreed to add 126 drugs to its National Reimbursement Drug List, in a negotiation process that has become more transparent and predictable than ever before. South Korea faces drug pricing reform, while Australia’s government has started an overhaul of its health technology assessment process.

Robocath SAS said it performed the world’s first-in-human remote robotic coronary angioplasty between two cities in China, Beijing and Urumqi, located 1,700 miles apart. The procedure was carried out using the company’s R-One robotic platform, via a 5G connection, and paves the way for long-distance endovascular procedures.

If the COVID-19 pandemic shocked countries to build self-reliance in biomedical ecosystems, the re-opening of borders in 2023 kickstarted international collaborations to grow major biohubs in Asia. Countries in the Asia Pacific region – including Singapore, China, Japan, Korea and Australia – increasingly drew overseas investors and collaborators, helping each country grow national biotech capabilities and expertise.

Chinese patients will soon have wider access to newly approved cancer drugs following the publication of the 2024 National Reimbursement Drug List (NRDL) that added 126 new drugs to the list. Price cuts to drugs averaged 61.7%. The additions and cuts are in line with the previous year.

If the COVID-19 pandemic shocked countries to build self-reliance in biomedical ecosystems, the re-opening of borders in 2023 kickstarted international collaborations to grow major biohubs in Asia. Countries in the Asia Pacific region – including Singapore, China, Japan, Korea and Australia – increasingly drew overseas investors and collaborators, helping each country grow national biotech capabilities and expertise.

Systimmune Inc. and Bristol Myers Squibb Co. have joined hands in a co-development deal for bispecific antibody drug conjugate (ADC) BL-B01D1 in a deal worth up to $8.4 billion. The deal falls on the heels of BMS acquiring Mirati Therapeutics in October 2023 for $4.8 billion to add to its oncology pipeline.

Systimmune Inc. and Bristol Myers Squibb Co. have joined hands in a co-development deal for bispecific antibody drug conjugate (ADC) BL-B01D1 in a deal worth up to $8.4 billion. The deal falls on the heels of BMS acquiring Mirati Therapeutics in October 2023 for $4.8 billion to add to its oncology pipeline.

Abbisko Therapeutics Co. Ltd. has out-licensed China rights to its colony-stimulating factor 1 receptor inhibitor, pimicotinib, to Merck KGaA in a deal worth up to $605.5 million. Pimicotinib is in phase III trials in patients with tenosynovial giant cell tumors in China, the U.S., Canada and Europe.