, China
Photo from Envato

Mainland China’s pharmaceutical sales to hit $345b by 2033

Global drugmakers seek partnerships to boost their presence in the world's second-largest pharmaceutical market.

Mainland China’s pharmaceutical sales are projected to grow from $247b in 2023 to $345b in 2033 at a compound annual growth rate of 6.3% in US dollar terms, said BMI.

Major global drugmakers are actively seeking partnerships in the Mainland to replenish their drug pipelines and enhance their presence in the world's second-largest pharmaceutical market.

“In August, Shanghai ImmuneOnco Biopharma out-licensed global rights for two of its antibodies to US-based Instil Bio,” the report said.

In line with this, GlaxoSmithKline entered into an exclusive licensing agreement with Hansoh Pharma for an antibody-drug conjugate targeting solid tumours last December 2023.

Meanwhile, Mainland China's Government Work Report is expected to boost market attractiveness for drugmakers and stimulate growth within the sector. In March, the State Council introduced measures aimed at developing “new quality productive forces” and modernising the industrial system.

Moreover, the comprehensive national strategy aims to enhance the innovation capabilities of the domestic biotech industry through subsidies, financial incentives, national reimbursement initiatives, and the establishment of high-tech science parks.

Follow the links for more news on

Join Healthcare Asia Magazine community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Saudi’s KFSHRC banks on innovation to transform healthcare
The hospital is accelerating adoption of emerging technologies to position itself as a global leader in medicine
Angkor Hospital eyes trauma centre for children
The facility will have an ICU, emergency room, operating theatre and a surgical ward.