Amy Greenstein, Senior Consultant and Dana Liu, Consultant, Polaris
The PRC continues to focus on three principle life science industry concerns: (1) drug quality, development, and approval; (2) healthcare affordability; and (3) preventing bribery and corruption in the healthcare industry. They recently published “Several Opinions Concerning Further Reforms of the Policies Governing Drug Production, Circulation and Usage” (“The Opinions”) continue and expand on those efforts.
Fueled by increasing consumer income, a growing middle class, an aging population, and government spending initiatives, China’s healthcare market is growing rapidly with annual spending estimated to reach $896.7 billion by 2019 (an increase from $579.7 billion in 2014). And yet China also has a large healthcare demand gap due to this aging population, growing urbanization, increase in lifestyle diseases and the continued advancement of universal health insurance. While these factors are a catalyst for overall healthcare market expansion, its continued development cannot proceed without strong support and healthcare reforms from the Chinese government. More specifically, China continues to focus on three principle industry concerns: (1) drug quality, development, and approval; (2) healthcare affordability; and (3) preventing bribery and corruption in the healthcare industry. They recently published “Several Opinions Concerning Further Reforms of the Policies Governing Drug Production, Circulation and Usage” (“The Opinions”) continue and expand on those efforts.