19 November 2009
Research Uncovers Collaboration Opportunities with Chinese Pharmaceutical Firms.
China Business Solutions has just completed a detailed study on partnership opportunities and market trends in mainland China’s pharmaceutical industry. This research uncovers genuine potential for European firms that have service complementarities and regulatory understanding of how to help Chinese drugs companies with their market entry ambitions.
In particular, the larger Chinese companies are now evaluating exactly which EU member state should host their clinical trials, and which service suppliers have the most integrated market support offerings, with many of China’s drugs sector managers describing their ideal solution as being able to locate a one-stop-shop for European market intelligence, regulatory registration facilitation, and phased clinical trial support.
Whilst Chinese firms can be inherently risk averse about up-front investment prior to regional entry, the country’s most far-sighted pharmaceutical companies do recognise that securing the right partnership is key to building market share and consolidating product success. Furthermore, it is not just in the areas of generics and bulk drugs that the Chinese stand out, as a number are rapidly expanding their finished products business in subsectors such as cardiovascular, respiratory and oncology, whilst a few are even bringing to the table genuinely innovative formulations that have already proved themselves in US markets.
This research has shown that there is a lot more to China’s pharmaceutical industry than Traditional Chinese Medicine, but making the right connections is still not easy. “Navigating through the myriad of firms and formulations can be a daunting prospect for western technical and commercial service providers”, says Ting Zhang, Chief Executive of China Business Solutions, “but real collaboration opportunities with China do exist for those with the persistence and vision to seize the chance, which is where a research report such as ours can be so helpful, as it pinpoints not only companies but also contacts and product owners, who represent the leaders of China’s pharmaceutical sector”, she adds.
Ting also points out that, as the Chinese value long-term relationships, they are prepared to devote considerable time and energy to building trust and securing success for the future, so that effort spent now in establishing a partnership will reap its reward. So, perhaps the real question to ponder is not whether China is ready to compete in the global pharmaceutical market, but instead, to ask when their products will start appearing on a pharmacist’s shelf near you.