Two Chinese medical device firms have declared bankruptcy after successfully winning bids in a government-led bulk-buying program, a first-of-its-kind event that spotlights the intense financial pain inflicted by the state’s cost-cutting measures.
The Tianjin Medical Procurement Center announced recently that two companies selected in an inter-provincial alliance for orthopedic trauma products, Changzhou Dzhang Medical Device Co. and Changzhou Kangyu Medical Device Co., have gone bankrupt and can no longer supply their contracted products.
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