China opens up its pharmaceutical market to its rather hostile neighbor, India while Beijing and Washington have a tiff over President Donald Trump’s renewed warning of added tariffs on Chinese imports worth $200 billion.
The newly formed health insurance administration in China intend to deepen discounts on cancer drugs which were already on its National Reimbursement Drug List (NRDL) based on public bidding and procurement based on cancer therapies. In the meantime, officials will start enlisting negotiations for treatments which were not included on the coverage list.
As China's leading event for the pharmaceutical industry, CPhI China strives to provide a platform for local, regional and international buyers, manufacturers and suppliers to meet, do business and drive research and development in the Chinese pharmaceutical and healthcare industries.
According to the report, the new legislation could create various pitfalls for partnerships and research projects as well as increase the fees for the cost of entry into the Chinese pharma market. The new ordinances come after another extensive cyber-security law, which was set in place last year, stating that data must be hosted on servers on the Chinese mainland.
Merck & Co, developer of Gardasil and Gardasil 9 which recently got approved by Chinese authorities, have earned millions of dollars for their Zhifei Biological Products. It has also spurred two Chinese families into Bloomberg’s ranking of the world richest people.
Though the US stands first in the race in terms of sales and growth, it is highly believed that China would reach the peak in the pharma market by 2022. At present, since there has been a decrease in public health funding, there has been a slight fall in pharmerging countries like Brazil, Russia, India and China (BRIC). But it is believed that the condition of these pharmerging countries will improve in the next five years .
Patients and Beijing residents are currently benefitting from the new electronic health cards issued by Beijing through the WeChat app; the program is facilitated by Tencent and Sinosoft Technology which is aimed to improve the healthcare services by 2030 through digital cards.
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