On July 15, 2018, the National Medical Products Administration announced that Changchun Changsheng Life Sciences Ltd. engaged in falsifying production records of freeze-dried rabies vaccine for human use. This incident has attracted widespread attention and sparked in-depth discussions in various sectors of society on China’s pharmaceutical industry and medical regulatory system. Their discussions centered around the following questions: Should we prevent the unethical behaviors in the pharmaceutical industry through nationalization? Can we solve the common medical fraud issue through promoting market reforms? Is it effective to implement stricter controls? From these perspectives, the development and regulation of the biological vaccine industry is a typical matter of industrial economics. Professor Liu Zhibiao, Dean of Yangtze IDEI, held discussions with relevant experts on those issues and to reflect on the development of China's biomedical industry.
