In 2017, Chinese drugmakers won US Food and Drug Administration approval for 38 generic drugs. Among the recipients, one of the country’s largest drug companies — Huahai Pharmaceutical — topped the list. It had 10 generic drug approvals, mainly for anti-depressants and blood pressure medications. A rise in generics exports contributed to an 8% year-on-year rise in exports of western medicines from China in 2017 to $3.5 billion, even though that figure does include drugs made by multinationals in China.
President Xi Jinping’s Plan to Boost China’s Pharma Industry
The “Made in China 2025” plan seeks to upgrade China’s economy through mass government investment and policy reforms and China hopes to reinvent its pharmaceutical industry. The ongoing reform of the China Food and Drug Administration (CFDA) aims to accelerate the pace of pharmaceutical development in the country. President Xi Jinping is determined to strengthen the Chinese pharma sector with his Made in China 2025 plan, intended to upgrade the country’s manufacturing industries, highlights plans to develop new targeted therapies, antibodies and vaccines while working toward breakthroughs in areas like stem cells.
Pharmaceutical Manufacturing Areas in China-
The Current Status of Chinese Pharma Industry-
The pharmaceutical industry in China has been recording some very impressive numbers since the early 2000’s. The major export markets for Chinese made pharmaceuticals are the United States, Britain, Switzerland, and Japan. The pharmaceutical manufacturing industry in China is primarily engaged in the manufacture of chemical medicinal and pharmaceutical products in various formats, including ampoules, tablets, capsules, vials, ointments, powders, solutions, suspensions and radioactive medicine.
According to pharmexec.com- Speaking of innovation, intellectual property is another important area. China has long been criticized by the international community for its lack of intellectual property rights and protection; as a result, the development of China’s innovative pharmaceutical industry was heavily restricted until a few years ago. But the government has taken few important steps to modernize the pharma industry and ensuring greater safety of the intellectual property rights and protection.
- Linking Drug And Patent
- Patent Period Compensation
- Data Protection
Through this round of moves, China is slated to build a scientific and systematic protection mechanism to effectively protect the patentee’s legitimate rights and interests, effectively driving the wave of innovation. Sourcing pharma products can be a desirable business option. But you need to have a strong strategic planning in order to ensure sustainable profits.