Ready To Ride Next Growth Wave In China? Remember Five Keys
As China enters a new growth spur for the health sector, underscored by faster product approvals, annual reimbursement coverage and strong demand for high-quality treatments, strategic planning and meticulous execution are more important than ever if companies want to win in the world's second-largest pharma market, says a new report.
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2019 will be remembered as a banner year for international drug makers as many grew at phenomenal rates in China, despite expansion of the “4+7” centralized procurement scheme and steep price cuts in exchange for reimbursement. As the government continues to emphasize affordability for cancer drugs and major anti-infectives, competition is heating up quickly and immune-oncology alone has seen six PD-1s elbowing each other for market share.
Many multinationals are banking on novel drug products to capture China’s new growth spurt as it transforms to care centered on innovative therapies, although this could be a hard sell given the largely private pay nature of the market for such products. Q2 China growth at Merck & Co. however flew through the roof with the aid of a suite of newly launched products. So what made it a shining star?
Following a priority review, Shingrix may become the next hit vaccine in China as millions seek preventative care, but GSK is being cautious over supply plans.