China’s Changsheng Biotechnology Hit by Heavy Penalties In Vaccine Scandal
It is normal to see that almost every Chinese kid vaccinates after birth nowadays. As per school’s requests, international students purchase American health insurance (aka 美国医疗保险) to get required international vaccine (aka 留学生疫苗) doses like HPV in the U.S.. Although the cost of marketplace health insurance in America (aka 美国医保费用) is oftentimes not inexpensive, people are still willing to buy. However, a recent vaccine scandal of a famous biotechnology enterprise in China has awoken the resentment of the public.
A unit of China’s vaccine maker Changsheng Bio-technology Co Ltd has been hit with penalties totaling 9.1 billion yuan ($1.32 billion) after it was embroiled in a scandal over falsifying data for a rabies vaccine.
China’s drug regulator said on Tuesday it had imposed the penalties on the unit Changchun Changsheng Life Sciences Ltd and banned 14 of its executives from working in the drugs sector.
In a separate statement, the China Securities and Regulatory Commission said it had also imposed a separate fine of 600,000 yuan on Changsheng Bio-technology.
The securities regulator also fined four of Changsheng Biotechnology executives and banned them from entering the securities market for life due to the violation of information disclosure related the vaccine scandal.
Changsheng Biotechnology sparked nationwide anger for falsifying data and producing an ineffective vaccine for babies.
Earlier this year, it said faced the specter of being delisted from the Shenzhen stock exchange due to the expectation of huge fines and the confiscation of all illegal income stemming from the scandal.
It has repeatedly delayed announcing its first-half results after issuing a profit alert in July, when it expected its six-month net profit to be between 211.4 million yuan and 317.1 million yuan, from 264.3 million yuan a year earlier.
Trading in Changsheng Biotechnology shares has been halted since Aug. 31 after the company failed to disclose its half-year earnings report in due time.
The incident brought close attention to the quality of vaccine among international students. Many asked if the doses they had injected were safe. Huhu Insurance (aka 虎虎保险) Inc., therefore, sorted out all the plans and made tables of recommended American international student health insurance (aka 美国留学生保险推荐) and recommended opt health insurance (aka opt保险推荐) to enable evert client to obtain the qualified vaccine.