New Delhi: China, with its reformed priority review and approval processes, is supporting biotech revolution in the country and thereby allowing domestic drug developers to compete with well-established multinational counterparts. Against this backdrop, China’s rise will result in more innovation and have the highest positive impact on the pharmaceutical industry in 2019, says GlobalData, a leading data and analytics company.
According to GlobalData, the number of cancer patients is on the rise in China and nearly 10,000 diagnosed melanoma cases were recorded in 2017. As a result, the Chinese government is eager to provide better and more affordable cancer care to its citizens.
To capitalize on the opportunity, multinational pharma giants Bristol-Myers Squibb and Merck had already received approval for two programmed cell death-1 (PD-1) inhibitors, Opdivo (nivolumab) and Keytruda (pembrolizumab) in China in June and in July 2018, respectively.
By increasing competition, China’s rise will impact the global pharmaceutical industry and as a result, it could give rise to more innovation.