Healthcare reforms in China will present opportunities and challenges

Published: 8-May-2014
Media Regulatory

US life science companies making China a central part of their growth plans


China's healthcare reforms are set to present opportunities and challenges to foreign pharma companies. With annual sales of US$71bn, China is currently the world's third largest market for pharmaceuticals, and with an annual growth rate of 15- 20%, it is poised to become the second largest market by next year.

The country's market for over-the-counter and branded generic drugs is set to leap from $23bn in 2010 to more than $369bn by 2020, according to Benjamin Shobert, managing director of Rubicon Strategy and senior associate of the National Bureau of Asian Research. Reflecting these realities, Shobert said US life science companies have made China a central part of their growth plans.

On March 25, Premier Li Keqiang announced that healthcare reforms would be deepened this year. More play would be given to market forces, while public healthcare services would be strengthened. Efforts would be made to provide universal health insurance, while restrictions on foreign investment in mainland health care companies would be reduced. Healthcare services would also be extended to remote rural areas, while the government would apply pressure to prevent drug prices from rising excessively.

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