China is expected to become the world’s top R&D spender by 2019. But despite major efforts to change the country’s reputation from a generics manufacturer to a developer of global blockbusters, foreign and Chinese biotech companies alike must address several challenges.
Reshaping Chinese Biotech
Current trends in Chinese biotech are focused on increasing innovative drug development and production of new global blockbusters. Until about 15 years ago, China’s biotech was largely focused on generic manufacturing. But in recent years, the Chinese government has invested significantly in the country’s R&D sector. Recent government efforts to drive innovation through incentives such as designated biotech zones and preferential regulations for locally developed drugs are helping to boost innovation. Combined with reverse brain drain or the “sea turtle scientists” (海龟科学家) – Chinese-born researchers who studied and worked in the West and then returned to work in China – has resulted in the founding of a growing number of Chinese startups.
Challenges for Local Biotech
Local biotech companies still face several major obstacles, and gaining international recognition as an innovative drug developer will take some work. For one thing, despite improvements in the regulatory environment, local and foreign biotech companies continue to experience significant delays in regulatory approval. Bureaucracy and lack of transparency in current policies make it all the more challenging. There is, however, a greater incentive to align with international standards as more companies from abroad are interested in investing and/or collaborating with local companies, demonstrated by a number of multinational companies that are already working with Chinese startups.
Chinese Biotech | Collaboration & Innovation
Chinese biotech companies are expanding their drug development capabilities through collaboration with academic centers. These partnerships allow companies to focus on the next stage of development and prepare for manufacturing following approval. Some Chinese startups are choosing to license experimental therapies from multinational pharmaceutical companies. This type of collaboration is mutually beneficial: Chinese are able to help fill their immediate pipeline, and by bringing in a local Chinese partner, foreign companies can facilitate the introduction of new drugs into the Chinese market. Moreover, while many companies prefer to use their own marketing strategies abroad, local biotech startups are more familiar with accepted marketing methods in China and can help international companies market their new products.
Better Communication?
With the “sea turtles” returning to work in Chinese companies, language barriers are to some extent less of an issue. Many Chinese expats are not only fluent in English, but they are also familiar with Western business environments. The Chinese government has also put greater emphasis on increasing English proficiency among business professionals in China. These factors are certainly helping to ease communication. Despite this, there is a growing demand for Chinese translation and interpreting services, especially from Western bio-pharmaceutical companies working with Chinese biotech companies. China is also working at removing career barriers for highly skilled foreign scientists eligible to work at Chinese research institutions and academic centers. But requiring Chinese as a working language creates greater barriers for foreigners doing scientific research in China.
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