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In-Depth Analysis of the China Pharmaceutical Market
Energy Business Reports, Jan 2009, Pages: 72
The domestic pharmaceutical market is highly fragmented and inefficient. China, as of 2007, has around 3,000 to 6,000 domestic pharmaceutical manufacturers and around 14,000 domestic pharmaceutical distributors. Most often cited adverse factors include a lack of protection of intellectual property rights, a lack of visibility for drug approval procedures, a lack of effective governmental incentives, poor corporate support for drug research and differences in the treatment in China accorded to local and foreign firms.
Even so, the industry environment has been transformed for the better over the last 10 years. Entry to the WTO has brought a stronger patent system, medical insurance is now more widespread, and pharmaceutical-related regulations have been stiffened. China is reportedly expected to become the fifth largest pharmaceuticals market in the world by 2010.
Currently China has about 3,500 drug companies, falling from more than 5,000 in 2004, according to government figures. The number is expected to drop further. The domestic companies compete in the $10 billion market without a dominant leader. As of 2007, China is the world’s ninth drug market, and in 2008 it will become the eighth largest market.
China’s thousands of domestic companies account for 70% of the market, and the top 10 companies about 20%, according to Business China. In contrast, the top 10 companies in most developed countries control about half the market. Since June 30, 2004, the State Food and Drug Administration (SFDA) has been closing down manufacturers that do not meet the new GMP standards. Foreign players account for 10% to 20% of overall sales, depending on the types of medicines and ventures included in the count. But sales at the top-tier Chinese companies are growing faster than at Western ones.
This report examines the Chinese Pharmaceutical Industry from the basics onwards. The report focuses on the WTO accession of China and the impact it has had on the Chinese pharmaceutical industry, trends in the industry, competition in the industry, etc. The report also analyzes the Chinese pharmaceutical industry through a SWOT analysis and a PEST analysis. The report looks at the investment scenario in the Chinese pharmaceutical industry and the role of the government in the industry and other factors. A look at the top market players in the Chinese pharmaceutical industry completes this research report.
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