China's pharma market to gain 30% global share by 2023.

ISLAMABAD -- China's pharmaceutical market has been constantly growing in recent years, and is estimated to reach $161.8 billion by 2023, taking a 30 percent share of the global market, the report said.

Fu Xudong, senior vice-president of global pharmaceutical giant Bristol-Myers Squibb, said during the recently concluded World Innovators Meet 2019 held by Equal Ocean, that China has become the world's second-largest pharmaceutical market, following the United States. In 2018, its pharmaceutical market totaled $127.9 billion, growing 2.4 percent on a year-on-year basis. The market is expected to maintain the growth momentum with an average annual growth rate of 5 percent in the coming five years, China Daily reported.

"This can be attributed to the improvement of treatment concepts, the optimization of medical measures, the acceleration of new drug access, the improvement of medical service quality, and the dynamic adjustment of medical insurance access," he said.

China's new drug development has begun to catch up in the fields of tumors, diabetes, and antibiotics, Fu added.

In recent years, the Chinese government has introduced a series of policies to narrow the pharmaceutical innovation gap between China and other leading countries. The policies include developing multinational clinical centers, sharing clinical data globally, accelerating the approval process of special medicine, and enhancing the protection of clinical data.

Industry data showed that after the acceleration of...

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