Updated on 19 June 2013
Ms Nandita Singh, editor, BioSpectrum Asia
Is China bioscience slowing down? From the numbers that have been put together by the BioSpectrum Asia Pacific Bioscience Industry Survey 2013, it does look so. However, a little deeper look clearly shows that China is not slowing down but just stabilizing and assimilating its awesome growth of last decade, and preparing for the next phase.
Recently, the government in China announced its decision to up healthcare spending to seven percent of its GDP from an earlier 5.5 percent. This spend will total over $1 trillion by 2020. Furthemore, it is said, that the country has already spent over $100 billion in an effort to extend public health insurance cover to 95 percent of its population.
Additionally, in 2013, according to China government estimates, about $40 billion is slated to be spent as healthcare expenditure. With the kind of latent demand that this market has, China is not expected to lose its sheen anytime soon, for at least another decade. The policy level initiatives are meant to give it a push.
This push is bringing results. This is evident from the fact that in the last six-to-seven months a number of MNCs have actually expanded into China, either by establishing a direct presence, collaborating with Chinese companies or by entering into licensing or sales and distribution deals. The market is abuzz and buoyant with such tidings.
US-based ConjuChem, which is engaged in discovery of novel therapeutics, formed a joint venture (JV) with China's Changshan Pharma, valued at $3 million. Similarly, US-based Promega opened its new facility in Shanghai for its China operations that provides additional R&D and cGMP manufacturing capabilities for molecular diagnostics products for the Chinese market.