Chinese Pharmaceutical Industry Analysis
The Chinese are fast becoming the biggest consumer in the world. Electricity, power, fuel, food, textiles and medicines. With the fourth largest population in the world, and considerable economic power, China is in a strong position to spend on healthcare. It is one of the largest drug markets in the world. In 2011, sales amounted to US$246, which represents a 7 fold growth in 10 years. That growth is expected to be over 25% in coming few years due to several factors. As the population ages, illness becomes more common, but the key is the spread of healthcare to all urbanised populations and more and more rural populations. This change has been quite dramatic since the end of the 1970’s when reforms created an open door policy, making the country an attractive investment for overseas pharmaceutical companies as well as a prosperous environment for their own companies. There are now over 1140 active joint ventures and foreign-owned enterprises in China.
For access to a lucrative market, there are a few hurdles, one of which is the GMP (Chinese Good Manufacturing Practice) that all pharmaceuticals must adhere to. Read the Latest Guide to Chinese Pharmaceutical GMP Regulations to understand the market, its power and the intricacies of working within in