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China Investing Billions in Bid to Catch up with Western Pharma
The Asian giant has invested a staggering $160 billion on biomedicine, and is poised to surpass Japan and emerge the second-largest spender on R&D, as it sets ambitious targets for drug development in the 12th Five-Year Plan, Lux Research says.
BOSTON, MA – July 11, 2013 – China’s biomedical sector is rapidly transforming itself from a manufacturing base to an innovation hub, investing billions of dollars and setting up innovation centers in a bid to catch up with the west by the end of the 12th Five-Year Plan, according to Lux Research.
The R&D investments – reaching a cumulative $160 billion last year and close to surpassing Japan’s spending – are paying off with exponential increases in pharmaceutical-related patent filings, catapulting the Asian giant past the United States and Japan. Also, the pace of establishment of 15 new drug innovation centers and clusters is remarkable, with super clusters forming around five major provinces.
“Rising income levels and a shifting demographical landscape are creating a faster growing market space for innovative biomedical products in China,” said Kevin Pang, Lux Research Director and a contributor to the report titled, “Mapping the Chinese Biomedical R&D Landscape.”
“While the Chinese domestic market provides ample room for all players now, Chinese pharmaceutical companies will naturally look outside to lucrative markets in North America and Japan over time,” he added.
Lux Research analysts examined the state of China’s biomedical sector, with particular attention to its R&D. Among their findings:
The report, titled “Mapping the Chinese Biomedical R&D Landscape,” is part of the Lux Research China BioPharma Intelligence service.
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