Pharmaceutical companies from China are showing an increasing interest in international market opportunities, focusing on new drug developments in the biological field. According to Sy Chyi Yeoh at ELC Group, a raft of changes in domestic market policy and evolving manufacturing practices, along with China joining the ICH (International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use), and considerable government support for businesses investing in external markets, have prompted Chinese pharmaceutical companies to review opportunities across Europe and the US.
Extract:
‘Biotech in China: Maximising the Global Opportunity’
Pharmaceutical companies from China are showing an increasing interest in international market opportunities, especially with regard to new drug developments in the biological field. A raft of changes in domestic market policy and evolving manufacturing practices, along with China joining the ICH (International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use), and considerable government support for businesses investing in external markets, have prompted Chinese pharmaceutical companies to review opportunities across Europe and the US.
This is not to understate the value of the local market. China is now the second-largest global market for pharma behind the US. Its value is expected to reach $300.9 billion by 2025, growing at a compound annual rate (CAGR) of just over 12%, according to GlobalData estimates. As the domestic market shifts in emphasis from traditional generic drugs to more novel, innovative therapies, capitalising on global opportunities for these more-targeted offerings will be an important part of the commercial plan.
For organisations sizing the potential, there are a number of practical considerations. For instance, should they establish proprietary operations in target markets, acquire local companies, or partner with on-the-ground sales representatives? How can they accelerate local compliance in new markets, in particular with the stringent and diverse provisions across the EU – which continue to evolve in line with advances in medicine? And if they do set up a base in Europe, where should that be now that the UK, which used to be the favoured destination, is no longer part of the EU?
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