Industry Trend Analysis - 2018 To See Continued Reform Of Pharmaceutical Regulatory Environment - APR 2018
BMI View: China will continue to stand out as the major medicine market for multinational pharmaceutical firms in 2018. New regulatory pathways and improvements to the country's drug approval process will work to ease the commercialisation bottlenecks, bolstering long term growth opportunities for drugmakers.
China's pharmaceuticals and healthcare landscape will continue to evolve over the coming years as authorities seek to meet the population's rising demand for healthcare. The development of a 'Healthy China' is central to the government's agenda for improving the healthcare sector and the country's president, Xi Jinping, has put healthcare at the centre of China's policy-making endeavour. In addition, the 2018 government work report presented by Chinese Premier Li Keqiang at the start of the National People's Congress on March 5 2018, stated that the government will look to encourage the 'opening up' of sectors in the area of health which is in line with the efforts to rebalance the economy towards one that is driven by consumption growth.
Improvements to the universal healthcare scheme continue to be made, including an expansion to cover chronic diseases and investments into the medical system. Furthermore, the 'Made in China 2025' initiative identified 'biopharmaceuticals and advanced medicinal products' as one of 10 key sectors that the country will focus on. To this end, multinational drugmakers will benefit from the Chinese government's broader push to develop the pharmaceutical and healthcare industry. The development of the supporting infrastructure needed to encourage innovation will serve to further support capital investments by multinational pharmaceutical firms into China.
|Pharmaceutical Market To Benefit From Positive Reforms|
|China: Pharmaceutical Sales (CNYbn)|
|f = BMI forecast. Source: Southern Medicine Economic Institute (SMEI), Association of the European Self-Medication Society (AESGP), National Bureau Of Statistics of China, Wind Terminal, local news sources, BMI|