Drug Innovation Will Accelerate Chinese Industry Shakeout
This article was originally published in PharmAsia News
Executive Summary
China's pharmaceutical manufacturing and innovation project, which seeks to boost the local industry's innovative capability, will support research and development and market expansion of key drugs. Within five years, the government hopes to see products with annual sales of 10 billion yuan as well as grow local enterprises that can compete with international pharmaceutical giants. Analysts believe that under the initiative, strong players with innovative strategies will thrive while weaker ones will be acquired by big enterprises or get eliminated. Generic drug and traditional Chinese medicine innovations are some possible approaches to creating new drugs without patent infringement, while talent, land, taxation laws, and supporting policies, such as a shorter drug approval process will help spur local innovation. (Click here for more)