A recent article published by Forbes finds that China’s recent life science policy announcements suggest that the best science and strongest most innovative companies – regardless of country of origin – can thrive in China, the second largest market for medicine in the world. Forbes also mentioned that the outcome depends on China’s willingness to aggressively implement these emerging policy changes. Equally, success or failure for firms depends on how rapidly companies reshape their thinking, strategies and operating models to align with China’s future medical needs, scientific capabilities and policy objectives.
Forbes further noted these four essential policy components form the bedrock of life science innovation: (1) strong R&D infrastructure; (2) effective intellectual property protection; (3) integration in global standards of trade, IP, and drug regulation; (4) functioning markets offering sufficient reimbursement.
China is doing well in all these fronts: over the past 10 years the central government has begun a process of revitalizing the tradition of excellence in Chinese science. Construction of new research labs and biotech parks has been accompanied by massive government investment in R&D. China’s $9.2 billion 15-year Precision Medicine Initiative launched last year aspires to map 100 million human genomes, dwarfing the Obama administration’s $215 million investment targeting 1 million patients. This has been accompanied by a sustained effort to improve the depth and quality of personnel in life sciences. At home, China produces 150,000 life science graduates annually. More than 10,000 Chinese studying or working in life sciences in the U.S. return to China annually, aggressively recruited via the private sector or government initiatives like the “Thousand Talents” Program.
We agree with this article from Forbes. There are challenges ahead for China to overcome to become the leader in life science innovation. But by the current actions, both the Chinese government and Chinese companies and research institutions are determined to bring science and technology advancements in medical device, IVD and medtech. One big advantage for China to go ahead is its own market size and the fast improvement of China’s living stand and spending in health care.
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