Embracing China’s Brave New Pharmaceutical World
Already one of the world’s largest pharmaceutical markets, China has tremendous growth potential, but significant policy and market changes are rocking the basis of competition. Multinational biopharma corporations cannot succeed in this new environment unless they fundamentally reinvent their business models to adapt to sweeping change.
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Despite a slowdown, China’s pharma market passed Japan in 2013, two years faster than expected.
Multinational drug makers will see further pressure on branded generic sales that are unlikely to be offset by launches of new patented drugs in China. The issue creates an urgent need to accelerate product launches and switch to more cost-effective models.
Multinational pharma companies face stronger pricing pressure as the compliance crisis drags on in China. But lower prices could help MNCs crack into China’s lower-tier markets and increase market share.