Your Cancer Drugs May Soon Be Discovered in China.
Foreign investors are getting a way to sample China’s biotech boom. New policies aimed at promoting innovation have boosted China’s drug market. An older and richer China is spending more on healthcare: by 2019, annual expenditure will top almost $900 billion, up from $580 billion in 2014, according to Deloitte. And favourable policies from Beijing – including approving new drugs faster and expanding insurance coverage – have made pharmaceuticals central to China’s new economy. The main draw will be investing in China’s nascent but fast-growing market for drugs made from living cells, or biologics. Globally, demand has soared: in 2015, eight out of the world’s 10 best-selling drugs were biologics, raking in $66 billion in sales. And China is catching up fast: the market is expected to expand annually by 18 percent to 2020, reaching 276 billion yuan ($40 billion) in revenue. Foreign companies have to wait up to eight years for approval to sell biologics in China. And for smaller local outfits, the upfront costs of making these drugs are much higher than for traditional, chemical-based drugs. Credit: Thomson Reuters.
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