China’s biopharma market continues to grow at a healthy pace. Market growth has remained in mid-single figures over recent years, with total value reaching some $130 billion1 in 2018, making China second only to the United States in world rankings. However, powerful trends are set to transform the industry over the next few years. On the one hand, the threat to mature brands has reached a tipping point driven by pressure from a combination of new policies; on the other hand, regulatory reform and broadening of market access provide a brighter outlook for innovative and patented products, although real uncertainties remain. Some observers say digital advances will have a major impact on the industry, while others believe true digital transformations are still years away. Critically, companies find it harder than ever to identify, recruit, and retain the talent they need to compete.
We seek to shed light on an inflection point in the development of China’s biopharma market. It draws both on our own observations and on a series of in-depth conversations with senior leaders of multinational pharma companies in China. Through our research, we identified five key insights into the industry’s prospects for the next few years. We hope they will encourage debate, broaden stakeholders’ thinking across the industry, and help companies plan wisely.
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By Franck Le Deu, Serina Tang, and Gaobo Zhou
Source: McKinsey
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