How To Deliver Your China Growth Story: Trends To Watch
Caught between a grueling centralized bidding process and now potentially in trade war crossfire, foreign pharma firms have a lot on their plates in China. To succeed in this highly uncertain environment, observers point to the need to pursue excellence in multiple areas: product launches, medical coverage, the broad market and digital health.
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GSK becomes latest pharma multinational to offload assets in China as competition and pricing pressure continue to mount.
Facing deep price erosion and fierce competition for their established products, more multinational firms are hopping on the digital health train in China, with Merck KGaA and Pfizer becoming the latest to tie up with the country's internet giants Tencent and AliHealth, respectively.
China's new so-called “4+7” drug bidding pilot scheme, already expected to be a killer for some companies, has cut prices by as much as 90%, leaving all but two multinationals to bid successfully and accept the revised levels. The big reductions could also lead to further price erosion for the winning products.