From the world’s ninth largest pharma market in 2007 to its second-biggest merely 12 years later, China and its growth story are impossible to ignore. China now accounts for a significant share of revenues for most major multinational pharmaceutical companies and almost 40 percent of total global venture capital investment across all industries in 2018 came from the Middle Kingdom. Further, China now has ambitions to become a global biotechnology powerhouse – a push supported by the state. For any healthcare or life sciences company sincerely committed to bringing treatments to the greatest number of patients, a footprint in China is a must, given that the country’s population of 1.3 billion people makes up nearly a fifth of the world’s total.
China’s massive and unprecedented economic growth over the last 40 years has lifted millions of its citizens from poverty and created numerous investment opportunities across a variety of fields. This is especially true of healthcare and the life sciences; now designated “a strategic sector for priority development” by the Chinese government. Despite an enormous market size and burgeoning innovation ecosystem, a significant push is needed both to boost health outcomes for individual Chinese patients and instate Chinese companies at the top table of global healthcare innovation.
PharmaBoardroom’s latest report, Healthcare & Life Sciences Review China, examines the welter of healthcare reforms that have been rolled out over the past decade and the significant changes yet to come. It also looks at the biotech boom taking off in the country and the swathe of major MNC talent returning to China to be a part of it.
Also scrutinised are some of the major challenges facing the Middle Kingdom’s healthcare and life sciences industries. These include a gap in its clinical development capabilities, the difficulties of hiring and retaining talent in a highly competitive and saturated marketplace, and the potential fallout from the ongoing US-China trade war.
Through the insights of key industry players – from the country managers of major MNC affiliates to some of Chinese biotech’s brightest stars, association heads, and other stakeholders from across the value – this report gives a sense of the momentum in the air within the industry in China and how it stands to develop over the coming years.