Chinese Pharmaceutical Market Overview - Regulatory reform and the evolving healthcare market provide
The Chinese pharmaceutical market, although only positioned ninth globally, has experienced pronounced and rapid expansion in recent years, driven by the growth of both Chinese and Western manufacturers. Increasingly, there is a shift towards a research-based industry, focused on generating new, innovative therapies, supported by improving intellectual property regulations.
With improvements in intellectual property regulations, Government funding and the growth of tax incentivized Special Economic Zones, China's R&D environment is developing fast. Western manufacturers are increasingly looking towards China as a place to conduct drug discovery and clinical trial research, although a number of challenges still remain.
China is becoming an increasingly competitive environment due to ongoing price competition, and numerous Governmental price cuts. Unless Western manufacturers have Chinese based manufacturing plants which can produce generic drugs at low-cost, there is little financial incentive or future prospects for foreign companies in the generics market.
China still exemplifies the disease and treatment profile of a developing market, with a focus on prescribing anti-infectives. However, with westernization of diet and lifestyle, and China's improving healthcare system, treatment of more chronic disorders will eventually become more of a priority in the future.
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