The Future of the Chinese Pharmaceutical Industry
During the last decade, experts have consistently predicted that by 2014 China would be the second largest prescription drug market in the world. According to the Pharmaceutical industry analysts at Bloomberg, however, there has instead been a recent decline in China’s growth, down 20% over last year.
Several factors are thought to have been responsible for this, including a greater emphasis on promoting Chinese R&D as well as recent crackdown on corruption. Although China’s R&D spending is approximately one-third that of the United States, it’s growing at a rate of 25% a year. US and Western European pharmaceutical companies are thus facing greater competition from Chinese pharmaceuticals. Another factor which has impacted companies working in China are recent allegations concerning bribes by foreign pharmaceutical companies to Chinese doctors – a process that is further complicated by the time consuming task of translating all the medical and highly complicated documents. As Chinese authorities continue investigating a number of foreign pharmaceutical companies, many are opting out of the Chinese market.
However, there are strong indicators that growth in China will continue despite the slow down. Healthcare reforms along with continued government investment are designed to ultimately provide basic healthcare for more than 90% of the Chinese population. Moreover, the number of Chinese citizens earning $5,000 or more a year is expected to reach 339 million by 2016 (projections from the IMS Institute for Healthcare Informatics).
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