FierceBiotech Special Report: China's Rise Drives Investment in Biotech Drugs
Until recently, the history of the pharmaceutical industry in China was more about imitation than innovation.
About 40% of biotech sales in China come from biosimilars, according to a report from London-based market researcher Scrip Intelligence. That would explain why the market for biologics in China has been growing more than 25% a year, but total sales of biotech drugs are still only $1.5 billion a year.
China’s biotech initiative is part of a broader strategy to improve the country’s healthcare system. The 5-year plan includes specific health outcomes, such as adding a year of life expectancy for the broad population and decreasing the infant mortality rate. As the size of the opportunity in China continues to expand, there’s little doubt players in the East and West will work out their differences and continue to form alliances.
To read more about the Chinese government's devotion to biotech, download the complete report today.