"If we can arrange an appropriate, acceptable, affordable price, then you can have a huge market," says China's top health official, Chen Zhu, who stepped down last month (Bloomberg).
Health-care spending in China – now the world' third-largest pharmaceutical market – is expected to almost triple by 2020 to $1 trillion a year. However, if Western pharmaceutical companies want to access China's market, it seems that may have to cut some hefty discounts and forgo some profit on expensive drugs. Chinese officials may push for further deals similar to the buy-one-get-three-free deal China struck with Novartis last year.
Although drugmakers may have to give up some profit margin on their drugs, access to China's 1.3 billion people should more than cover the loss, said Chen.
Sanofi recently announced that they planned to open four manufacturing plants this year in China. Read more here >
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