New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/14/2013 -- BMI View: We remain bullish on China's pharmaceutical sector despite the slowdown in the economy and political reshuffle. We do not think the reshuffle will have any adverse changes or cause any reversals to healthcare reform given that the country has been rolling out various healthcare schemes in 2012 and that a key person overseeing these healthcare reform plans is Vice Premier Li Keqiang, the man who may potentially take over from Premier Wen Jiabao in the reshuffle. However, the business environment will potentially be threaten by cost-containment policies as the country will have to contain its ever-growing healthcare expenditure.
Headline Expenditure Projections
- Pharmaceuticals: CNY432bn (US66.7bn) in 2011to CNY521bn (US$82.2bn) in 2012; +20.6% in local currency and +23.0% in US dollar terms. Forecast broadly in line with Q412.
- Healthcare: CNY2313bn (US$358bn) in 2011 to CNY2,602bn (US$410bn) in 2012; +12.5% in local currency terms and +14.7% in US dollar terms. Forecast broadly in line with Q412.
- Medical Devices: CNY117bn (US$18.2bn) in 2011 to CNY146bn (US$22.8bn) in 2012; +24.3% in local currency terms and +26.7% in US dollar terms. Forecast broadly in line with Q412.
View Full Report Details and Table of Contents
Risk/Reward Rating: China continues to rank fourth out of the 18 key markets in BMI's Q113 Asia Pacific Pharmaceutical Risk/Reward Ratings with an unchanged score of 62.5 Its high ranking on the table (just behind developed markets Japan, South Korea and Australia) is largely due to the strong growth potential of the pharmaceutical market that is underpinned by a large and increasingly affluent population and an increasing burden of non-communication diseases.
Key Trends And Developments
- In November 2012, according to Hu Haifeng, the vice president of the Shanghai Institute of Pharmaceutical Industry, China's State Food and Drug Administration (SFDA) is to publish new drug registration regulations. These will include the country's first regulatory framework for biosimilars.
- In October 2012, the country passed its mental law bill that seek to protect the rights of mentally ill patients, reduce abuse on these patients and raise public awareness, effective from May 1 2013.
- In September 2012, The Chinese State Food and Drug Administration (SFDA) plans to revise advertising laws to prohibit OTC drugs advertisements through the mass media. Instead, companies will only be allowed to advertise in a specific medical newsletter approved by the Ministry of Health and the SFDA. According to the China Non-Prescription Medicines Association (CNMA), the main reason for this proposed regulation is the existence of illegal drug adverts. Data from the SFDA show in Q112 there were 33,648 cases where there was a breach in drug advertising rules, 3,239 incidents for medical devices and 6,551 incidents for health supplement adverts.
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