At a value of around $137 billion at the end of 2018, the pharma market in China has surpassed Japan to become the second largest market, after the US, according to IQVIA. China’s pharmaceutical market will be an increasingly important source of growth for foreign drug companies through 2023, according to a report from credit rating agency Moody’s. Though its growth rate is likely to slow over the next few years, the Chinese pharmaceutical market will still be among the fastest growing markets worldwide, underpinned by domestic regulatory reforms supporting the faster rollout of innovative drugs and continued expansion of healthcare coverage, as per the report.
“The Chinese pharmaceutical market will be a pocket of growth for the entire global industry, with companies exposed to oncology, vaccines and rare diseases standing to benefit in particular,” it said. This explains why large pharma firms have made a number of major structural moves in China. The world’s most populous country offers an enormous opportunity for pharma firms. Drug spending in the country has surpassed $141 billion in 2019, and is on track to grow five to eight per cent year from 2020 to 2024, as per IQVIA.
Recent regulatory reforms have also made it a bit easier for firms to get drugs approved in the country. According to McKinsey, China had approved about 100 new drugs between 2016 and 2018, with many more to come in the next few years.
Chasing dreams
In recent years, firms like Amgen, AstraZeneca and Pfizer have made strategic changes to gain a strong foothold in China. The biggest deal till date, perhaps, was made by Amgen when it bought 20.5 per cent stake in BeiGene, a research-based, oncology-focused biotechnology company for $2.7 billion in cash in October 2019 to expand its oncology presence in China.
This story is from the November 2020 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2020 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Promega unveils GloMax Galaxy Bioluminescence Imager for illuminating protein dynamics in real time
US-based Promega Corporation, a life-sciences research partner dedicated to providing intuitive tools that empower scientists to innovate, has unveiled the new GloMax Galaxy Bioluminescence Imager.
Singleron and Bioscreen to enhance access to single cell multi-omics solutions for Indian researchers
Singleron Biotechnologies, a leading innovator in single cell multi-omics solutions, has announced a strategic partnership with Bioscreen, a renowned distributor of advanced life science products in India.
Eppendorf brings CO2 incubator shaker with integrated 180 °C sterilisation routine
Eppendorf has announced the launch of a CO2 incubator shaker with integrated 180 °C sterilisation routine.
Waters introduces new bioseparations tools to improve development of RNA-based vaccines using LC-MS analysis
US-based Waters Corporation has introduced a comprehensive set of sample preparation enzymes, reagents, and waters_connect software that simplify sequence and modification confirmation of large molecule RNA therapeutics using liquid chromatography-mass spectrometry (LCMS) analysis.
Singapore designs novel gene therapy offering hope for epilepsy patients
Researchers from the Yong Loo Lin School of Medicine, National University of Singapore are working on a therapy that holds potential in treating patients with epilepsy, a neurological disorder defined by recurring seizures due to abnormal brain activity.
Spider venom heart drug moves to clinical trials in Australia
A University of Queensland (UQ)-led project in Australia to develop the first-ever drug to treat heart attack and protect donor hearts will move to human clinical trials, after receiving $17.8 million in funding from the Medical Research Future Fund (MRFF).
India develops portable ultrasound scanner for sports injury diagnosis
A team of researchers at the Indian Institute of Technology Madras (IIT-M) has developed an indigenous portable Point-of-CareUltrasound (POCUS) Scanner for sports injury diagnosis and management.
Integris appoints medtech veteran Probir Das as new CEO
Integris Healthcare, a global diversified medical technology company, has announced the appointment of Probir Das as Chief Executive Officer (CEO). He will join effective November 2024 and will be based in New Delhi.
Clarity Pharma promotes Michelle Parker to CEO
Australia-based Clarity Pharmaceuticals has announced the appointment of Michelle Parker as Chief Executive Officer (CEO), effective from October 11, 2024.
Dr Makoto Sugita steps in as President of Nxera Pharma Japan
Nxera Pharma Co., formerly known as Sosei Group or Sosei Heptares, has announced the appointment of Dr Makoto Sugita, as President of Nxera Pharma Japan, and Executive Officer, Executive Vice President and Chief Medical Officer (CMO) of Nxera Pharma.