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China's Aim to Remove Cancer Drug Taxes May Boost Pfizer, Glaxo

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Photographer: Tomohiro Ohsumi/Bloomberg

China Premier Li Keqiang’s aim to eliminate import taxes on cancer drugs and significantly lower those for other medicines may provide a boon for global drug makers looking to the world’s second-biggest pharmaceutical market for growth.

“For hot-selling consumer products in the market, including medicine, especially anti-cancer drugs urgently needed by the people, we will lower import tariffs to a relatively large extent, and work hard to reach zero tariff for anti-cancer drugs,” Li said Tuesday at a press conference at the close of the annual National People’s Congress in Beijing.