Pharmaceutical Boss: Cost Cutting Affects Public Health

Speaking in Beijing on Monday, a well-known pharmaceutical chief in China urged the entire industry to bring morality into its business practices.

On the recent incidents concerning drug safety, he said practitioners in the trade who choose to break the law "lack a basic sense of conscience," as well as a lack of respect for the well-being of others.

He noted that the current government license bidding system gives the top priority to a medicine's price as opposed to quality.

"Such a system will in itself foster malpractices, because not every manufacturer is capable of ensuring both factors at the same time; some [institutions] are likely to pursue [drugs] at lower cost; this process will jeopardize the medicines' quality," he said.

Yu added that he wasn't trying to criticize the government, but rather only trying to raise public awareness about the issue.

"It's human nature to love wealth, especially for us businessmen," he said. "But to earn money while having a conscience is a [practice] that can distinguish businessmen."

He concluded by saying that his company, Yangtze River Pharmaceutical Group, may not be the top firm in China in terms of R&D and innovation, but it does offer superior quality products.