Big pharma seizing new opportunities in China therapeutics market
April 30, 2021
As China becomes the most important market for multinational pharmaceutical companies and the government’s Healthy China 2030 policy shifts into high gear, the corporate rush is on to file more applications for use of new treatments.
The health-care system blueprint, approved by the State Council, China’s Cabinet, in 2019, lays out 15 primary goals in areas such as decreasing the health effects of second-hand smoking, reducing obesity, increasing public physical fitness, promoting healthy diets, preventing chronic diseases, and addressing the needs of an aging population. It also expedites the approval process for pharma innovations.
Entry in the China market has been slow in coming for many multinational pharma firms, largely because of factors such as slow regulatory approval, concerns about the protection of intellectual property, and difficulties in accessing domestic distribution systems.