China Earnings Overview: Pfizer, Roche Lead Growth With Very Different Strategies
This article was originally published in PharmAsia News
PharmAsia News takes a closer look at how Big Pharma performed in China during Q2. Roche, Pfizer and Novartis were the fastest-growing companies among Big Pharma in China.
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China recently announced it will increase its total healthcare funding for ongoing healthcare reform from RMB 850 billion ($124 billion) to RMB 1.134 trillion ($173 billion) to build up its basic medical infrastructure and expand reimbursement to more than 800 million rural residents. Pfizer Inc., the world's largest pharmaceutical company, began its geographic expansion in China seven years ago. Last year the company launched its "Spring Bud" program to expand training for rural doctors to expedite the company's entry into China's rural markets. The project initially covered the five provinces of Zhejiang, Yunnan, Fujian, Jilin and Shandong, and will now be expanded to include Guangdong, Guangxi, Sichuan, Liaoning, Henan and Hunan. In addition, Pfizer will sponsor training programs in more than 1,000 country hospitals in rural areas this year.
China's State Intellectual Property Office (SIPO) is drafting a new regulation on "service innovation" to encourage companies and researchers in the country to raise their investment in, and the conduct of, innovation. However, the move may also have an impact on the soaring drug discovery industry in China as it will mean higher payments to inventors with knock-on effects on local drug discovery and CROs.
China is planning a new regulation on company employees’ “service innovation” designed to encourage inventors and invention in the country, which are seen as important contributors to economic growth. However, the new rules could also have a significant impact on the conduct of drug discovery research in China.