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A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on top trends shaping the Asian biopharma industry. In this blog, biopharmaceutical industry experts at Infiniti Research have discussed some of the recent biopharmaceutical industry trends in Asia and have also shared perspectives on their implications for executives in biopharmaceutical companies.
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Biopharma industry trends in Asia. (Graphic: Business Wire)
Certain events that took place in Asia over the last couple of years, such as China’s market access blockade, Japan’s spending controls, and deceleration in Southeast Asia and India had contributed towards a flat enthusiasm for the biopharmaceutical sector in Asia. However, some recent trends have reignited the interest in biopharma in this region.
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Key biopharma trends in Asia
CFDA reforms in full stride in China
The recent China Food and Drug Administration (CFDA) reforms are more optimistic fundamentals that aim at supporting industry growth through innovation. Over the past few years, the CFDA has made significant strides in terms of addressing critical gaps in the system. Furthermore, several reforms were published on the drug-registration policy. These policies have been designed to improve the registration process and to encourage companies in the biopharmaceutical industry to bring innovation to China.
Price reforms in Japan
The Japanese ministry of health made a proposal in 2017 to overhaul the current drug pricing regulations. This reform will affect both the new drug pricing and in market pricing revisions across all drug categories including off-patent long-listed products, patented prescription drugs, and generics. This includes changes such as narrowing price maintenance premium (PMP) for patented products. The PMP will now be applicable only to selected drugs and full premium will be awarded only to a subset of companies. The scope of the premium will be limited to innovative drugs and the amount of premium will be matched to a company’s contribution to R&D.
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Emerging fund pools in Southeast Asia and China
China remains an important growth engine for biopharma companies. There has been an upward trend in China in the reimbursement of innovative drugs. Furthermore, companies in the biopharma industry in China have also started experimenting with new models to improve patients’ access to medicines. With these biopharma trends and the changing outlook in China, the country remains a highly lucrative market for companies in the biopharma industry.
Digital and advanced analytics in healthcare
Although big data and other digital technologies have been constant buzzwords in the biopharma industry in Asia, now we are seeing their gradual uptake by several companies in the sector. Governments in Asian countries like China and Japan have introduced policies to promote the application of such advanced biopharma trends. Consequently, digitalization and use of advanced technology will revolutionize the Asian biopharma market.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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Biopharmaceuticals are medical drugs produced using biotechnology. They include proteins (including antibodies), nucleic acids (DNA, RNA or antisense oligonucleotides) and living microorganisms like virus and bacteria where the virulance of viruses and b...