Chinese vaccine scandal triggers share price hike for blockchain solution

On Monday the Jilin Food and Drug Administration (JFDA) revealed a Chinese drug maker had supplied substandard vaccines. This triggered much debate on social media, some of which was censored. Then YLZ Information Technology was quoted in Chinese media as saying it was exploring blockchain to enhance vaccine safety according to the South China Morning Post. The result was a spike in its share price of more than ten percent (see update).

The scandal

The scandal broke ten days ago when the State Drug Administration (SDA) found problems with a rabies vaccine. Changchun Changsheng Biotechnology (CCB) produces 23% of China’s rabies vaccines. The company allegedly fabricated production documents and inspection records. It also modified process parameters and equipment. The SDA revoked the company’s license to produce the vaccine. Just last week court documents show the conviction of a company sales representative for bribing the head of Changling disease control center. The company was previously state-owned but was privatized in 2003.

Article continues …

---