China vows to continue speeding up drug approvals, expand tax cuts; Sorrento/Yuhan JV receives $40M financing

? In the latest move to spur introduction of new medicines, China has announced it will reduce the value-add tax on 21 rare disease drugs the same way it offered tax breaks to imported cancer drugs in April 2018. While good news to all drugmakers, the change is expected to benefit international companies more than domestic ones ?because they are running ahead on developing drugs for rare diseases,? an analyst tells Bloomberg.

In a State Council meeting, Premier Keqiang Li reiterated the government?s goal of accelerating approval of new cancer drugs, lowering prices and broadening insurance coverage. Proposed policies include convening an expert panel to identify urgently needed overseas drugs (resulting perhaps in another