A survey conducted by Biopharma Reporter today reported that North America and Western Europe are considered the most important pharmaceutical markets today, coming in at 88 percent and 71 percent respectively. China slipped in at third place thanks to 40 percent of respondents. Looking ahead, 61 percent recognize China as an important future growth market.
We believe the numbers regarding China are shockingly low. Particularly when one takes into account that China, with 1.4 billion potential customers, is the world’s second largest pharmaceutical market and is projected to be the largest within a decade. A number of other factors – the patent cliff, the biosimilar revolution, and China’s own mandates to become a global leader in pharmaceuticals – all point to the reality that China is not the future. China is now.
Next week David Deere, PaizaBio’s chief commercial officer and consultant on CFDA policy and what it means to multi-national pharmaceutical companies, will be attending the 15th Annual Trans-Pacific Health Sciences Dialogue in Boston at Harvard Medical School. The purpose of the gathering is to convene biopharmaceutical industry executives and business development executives who want to accelerate, explore and develop collaborations and partnerships with their counterparts in the most important Trans-Pacific health care markets including China, Japan, South Korea, and North America. The event has earned the reputation as the best place for biopharma companies seeking to forge Trans-Pacific ventures to explore their options.
The Board of Advisors for the Trans-Pacific Health Sciences Dialogue event boasts well-known players in Asia Pacific, representing companies such as Lilly, Pfizer and Dicerna. Rest assured, our own David Deere will be in good company. David, of course, will share insight into China’s recent regulatory policy changes related to drug innovation and commercialization and how the West fits into China’s gran plan.
If you’re planning to attend the Dialogue in Boston, PaizaBio would welcome the opportunity to connect with you. Simply send a quick email to David Deere. If unable to attend, we’d still like to hear from you and address any ideas, questions or comments you have about Why China, Why Now.