China’s recent push to open its domestic pharmaceutical market on a global scale could be a significant boon for multinational corporations, The Pharma Letter reports.
China’s expansion could produce a number of benefits, including faster drug approvals for imported novel drugs, foreign clinical data and China’s participation in global clinical studies.
“The access to a vast China market has always been a challenge for foreign pharma companies,” Merck Head of Strategy and Transformation China Sophie Sun said. “With China being more open, life for MNCs surely will get easier.
Shenogen Chief Business Officer Jun Bao tells the Pharma Letter that China’s primary ambition in opening its pharma market is to facilitate local, innovative startups.
“The … government clearly wants more competition among pharma companies,” Bao said.
To read the full report on The Pharma Letter, click here.