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Country Industry Forecast - The Chinese Healthcare Industry
Frost & Sullivan, May 2005
Gradual transition into a free market economy, accession to the World Trade Organization (WTO) and liberal trade policies in China are fuelling rapid expansion of international trade in China. Being the second largest recipient of foreign direct investment (FDI) and sixth largest foreign trade country, China is poised to grow in the area of healthcare industry. While, over-the-counter (OTC) drugs capture a significant share of the healthcare market, traditional Chinese medicine (TCM) is an emerging area. Local production and joint ventures coupled with imports meet the domestic demand for pharmaceutical and drugs.
China’s medical device market relies largely on imports with the United States being the major supplier. The reduction of the tariff rate on medical devices to 3.9 percent has rendered imports low-cost and convenient. Moreover, the speed of drug approvals and low cost of clinical trials in China prompt western countries to outsource their clinical trials here. Hence, China has become an attractive destination for outsourcing of drug development by global biotechnology industries. Intellectual property (IP) protection is a strong incentive for investment in research and development. The government’s initiatives to develop standards and encourage best practices across the healthcare industry are bound to enhance China’s global competitiveness.
The country’s economy is also expanding to meet the long-term goal of promoting development, raise standards of living, and narrowing the gap with developed countries. The tenth five-year plan, for instance, has played a major role in removing the barriers to external trade by proposing radical measures to reduce government intervention and increase access to the Chinese market. State-owned enterprises with their strong legacy and local advantage are likely to compete with multinational companies.
The Country Industry Forecast Service for the Chinese healthcare industry uses a macroeconomic perspective to provide a focused analysis of issues pertinent to the healthcare industry. These issues range from political scenario, trade policies, and industry regulations to their overall impact on the industry. Besides enabling decision makers to assess the impact of non-market forces, this analysis helps in identifying new market opportunities. It also provides a strong base for preparing business contingency plans.
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