As reported in China.org, since 2016 the country has adopted a series of policy amendments to speed up drug approvals. Some data points:
- More than 100 foreign-developed drugs were approved for the Chinese market in 2018, according to a report released in December by global management consulting firm McKinsey and Co.
- In another report released in May 2018, the consulting giant described the reforms as being “in full stride” and said there would be “a tsunami of new-product launches expected”.
- It observed a record number of approvals and new product launches in 2017: a total of 37 new products versus a mere five or six between 2014 and 2016.
- By the end of 2017, it found that some 180 candidates had been granted priority review status, each of which would be gearing up for launch in the coming years.
- McKinsey attributed the increases mainly to China’s reforms in drug regulation, and increased market-access.
- China was the world’s second-largest national pharmaceutical market in 2017—worth $122.6 billion, after the United States, and the biggest emerging market for pharmaceuticals with growth tipped to reach $145 billion to $175 billion by 2022, according to healthcare information company IQVIA.