Qingdao Baiyang Pharmaceutical Co., Ltd. announced that it has made a major breakthrough in its high-end generic pharmaceutical preparation technology. The company's new metformin drug, Nida, using osmotic pump controlled release technology, was approved by the US Food and Drug Administration (FDA) for marketing. This is expected to change the current situation in which the diabetes drug market is monopolized by major pharmaceutical companies.
The first batch of drugs will be sent to the US market and is expected to be approved for listing in China during the year. According to reports, the price of the drug in China in the future may be only 1% of the price of the original drug in the US market.