China’s pharmaceutical market has been constantly growing in recent years, and is estimated to reach US$161.8 billion by 2023, taking a 30% share of the global market.
According to a report in China Daily, Fu Xudong, senior vice-president of global pharmaceutical giant Bristol-Myers Squibb, China has become the world’s second-largest pharmaceutical market, following the USA.
In 2018, its pharmaceutical market totaled US$127.9 billion, growing 2.4% on a year-on-year basis. The market is expected to maintain the growth momentum with an average annual growth rate of 5% in the coming five years.
This can be attributed to the improvement of treatment concepts and the optimization of medical measures. China’s new drug development has begun to catch up in the fields of tumors, diabetes, and antibiotics.
In recent years, the Chinese government has introduced a series of policies to narrow the pharmaceutical innovation gap between China and other leading countries.
The policies include developing multinational clinical centers, sharing clinical data globally, accelerating the approval process of special medicine, and enhancing the protection of clinical data.
China’s traditional drug research and development pattern, which was dominated by generic drugs, is undergoing transformation, and new drug development has ushered in new opportunities.
In recent years, China’s demand in the pharmaceutical market has boomed. The terminal market volume of China’s pharmaceutical market reached 1.7 trillion yuan (US$242.9 billion), 6.3% higher than the same period in 2017.
Asia Times / ABC Flash Point News 2019.