The Week in Review: Economic Troubles

October 11, 2008 -- China Medicine became the first China biopharma to blame the worldwide economic crisis as a reason for lowering guidance; China Medical Technologies will pay $345 million for an HPV diagnostic test; Huifeng Bio-Pharmaceutical gained operational control of Xi'an Qinba Xintong Medical; Beike Biotechnology signed eight mutual cooperation agreements with other stem cell organizations; Pharsight has signed InforSense to distribute Pharsight’s clinical development management software in China; Shengtai Pharmaceutical received the China GMP certificate for its new glucose manufacturing facility; ProGenTech Limited in-licensed diagnostic technology from Human Genetic Signatures; a new article put the size of the domestic TCM market at more than 100 billion RMB ($14.7 billion) per year; and PricewaterhouseCoopers said China CROs booked $186 million in revenue during 2007. More details