The Lucrative Pharmaceutical Market of China

The pharmaceutical industry in China is on a rising curve and is leading on the international platform. The Chinese health sector has grown to a robust industry of $357 billion at present and is poised to grow to $1 trillion in 2020. It covers a wide range of synthetic chemicals, drugs, medical devices, instruments, hygiene materials, packing materials and pharmaceutical industry. Research and development has increased swiftly and foreign health institutions and companies have captured 20% of its overall sales. 

Three key factors that shape the market of healthcare industry in China are the continuation of economic and demographic trends; policies implemented by the Chinese government’s 12^th five year plan and advanced healthcare reforms. Continuing urbanization and income growth have also contributed to its growth. This positive picture implies that the government is now more focused on healthcare as a social responsibility. Healthcare expenditures in China have doubled and form almost 5% of the country’s GDP. Both the traditional and the pharmaceutical companies in China have benefitted in the recent years. 

Multinational companies show huge interest in China’s pharmaceutical market today due to effective healthcare reforms, the government’s commitment to constant innovation and several tax incentives. Various multinational health firms are setting up research and development centres in China.  The manufacturing organizations in China have successfully met the international standard in the quality of their pharma products thus attracting more international investment. 

With the rising demand for pharmaceuticals the big health firms in China have triggered the process of health consumerism. Since more international health institutions and healthcare firms want to invest in China there have been a growth of consulting companies too. These pharmaceutical consulting companies in China with their team of researchers and highly trained analysts work to provide new firms an idea of the Chinese market. They provide detailed study reports to the international firms on Chinese consumer behavior pattern and demands. Currently these firms have earned great reputation with renowned international health firms and helped expand their business in China. Soconsult the leading healthcare consulting firms in China and prepare yourself to foray into the Chinese healthcare market.