The Challenge of China
As the world’s most populous country and the second largest global economy, the potential for growth is significant. But how does a company break into China?
Fadia AlKhalil |
Much has been made of the advantages of doing business in China in recent years. Unlike western markets, it is far less mature – the pharma sector is growing at double-digit rates, for example. In fact, it is already the world’s second largest pharmaceutical market, and the IMS Institute for Healthcare Informatics predicts the annual spend may reach $185 billion by 2018 in its report, ‘Global Outlook for Medicines through 2018’, published in November 2014.
Per capita spending may be low, but the huge population bumps up the total, and this per capita spending is predicted to grow by more than 70 percent in the next five years; even then, it will still be just nine percent of the level in the US. Little wonder then that western pharma companies see China as a huge opportunity.
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