Growing Pharma Market in China
Recently, officials in China plan to change the country's drug approval by loosening testing rules to shorten foreign drug approval process.This is in part to help increase accessibility of novel medications to sick patients who traditionally lacked access.
Joe Jimenez, the CEO of Novartis, believes the market is set to boom and that pharma sales in China could pass $300 billion by 2020. Novartis recently received approvals for Votrient for kidney cancer and Jakavi for myelofibrosis.
Novartis is not the only big pharma taking notice. For instance, Gilead hired former Roche executive to lead the Hep C drug launches in China. Pfizer is also restarting its campaign for its blockbuster pneumococcal vaccine Prevnar 13 after Chinese officials rejected import license renewal for its predecessor Prevnar.
source: http://www.fiercepharma.com/pharma/china-set-for-a-pharma-boom-perio
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