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 China's Low Cost And Abundant Talent Has Potential to Disrupt the Global Pharmaceutical Industry
Pharmaceutical and biotech R&D spending have increased 6 times in the past 15 years to US$60 billion a year, while the number of NMEs has decreased by half to 30 new worldwide launches a year.
The cost of research and development in China is less than 20% of that of developed worlds.
China has an abundance of well educated researchers and naïve patients.
No bulky goods to ship – the pharmaceutical industry is an ideal candidate for disruption by a connected and flattened world.
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The Market Is Complex, Diverse and Fragmented
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1. IMS Audit. Published number of pharmaceutical firms is 4500, IMS figure does not include firms with extremely low sales on market, and some TCM firms, especially those focused on herbal products
2-3. Data quoted from statistics of China's Ministry of Health; R&D Centers here means Medical Research Institute, R&D centers of pharmaceutical firms are not included;
4-5. The number of distributors who have passed GSP; the total number of Audit pharmacies (outlets) exceeds 70,000.
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