The Chinese pharma market grew by eight percent from 2016 to 2018, slowed to four percent between 2018 and 2022 in part thanks to the introduction of volume-based procurement (VBP), and looks set to return to a healthier seven percent compound annual growth rate (CAGR) up to 2025 driven by an ageing population and prevalent chronic diseases, a wealthy middle-class with higher healthcare demands, and the expansion of insurance coverage according to Frost & Sullivan and PwC analysis.
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