China’s pharmaceutical market has constantly been growing in the last years, and it is now the second-largest market in the world. Calculations show that it will be worth $161.8 billion by 2023.
Even though it has slowed down a bit, a reason for the fast growth is that the Chinese central government realized that changes were essential to modernize the pharmaceutical industry. For example:
- the government has harmonized technical standards and guidelines with the rest of the international community
- drugs that have been tested and approved for market in other countries will be fast-tracked for review without the need for China-specific testing
- more people have access to health insurance
The change in regulations means that drugs will be available on the Chinese market much faster than before. It is also gratifying that the government strives to make medicine accessible for more people by increasing people’s insurance access and keeping the drug pricing down.
China’s new business climate regarding life sciences and health means that persons suffering from rare diseases now have much better access to medicine – and the demand is big. China has approximately 1,400 rare diseases1. Estimations show that 20 million people in China suffer from a rare condition – and nearly half of them are children.
Immedica has access to the Chinese market through the partnership with the Chinese company WinHealth Pharma. Through the partnership we can help patients with the rare disease UCD (Urea Cycle Disorder) in China and surrounding regions.