Updated on 12 September 2012
Beyond the research pool and resources, the biggest reason why biomedical R&D companies as well as contract and clinical research organizations (CROs) are flocking to Asia could well be the region's massive and rapidly increasing expenditure on drugs.
The lure of Asia
According to a forecast by IMS Health, Asian countries will feature prominently in the top 20 for spending on drugs by 2016. Japan and China are ranked second and third, respectively, though they are still some distance away from the traditional first-placed country, the US. India was ranked eight, South Korea 15th and Indonesia 19th.
In its 2011 study on overall country attractiveness for the consideration of offshore locations for clinical trials, consultancy firm A T Kearney ranked China and India first and second, respectively. Other prominent Asian mentions were Taiwan in the 12th place and Singapore in the 14th place.
Indeed, many Asian countries recognize the enormous potential of attracting life sciences and medical R&D to their shores, and are ramping up what they have to offer.