China Pharmaceutical Guide 2017 (12th Edition)
WiCON Announces Upcoming Publication of China Pharmaceutical Guide 2017 (12th Edition)
Beijing, China, April 18, 2017 – The Chinese pharmaceutical market rose slower in 2016 at only 8.3% to CNY 1,497.5 billion at retail price level, compared with 11.0% in 2015, according to the China Pharmaceutical Guide 2017 (12th Edition), which is to be published in August 2017, and WiCON Pharma China (www.pharmachinaonline.com) quoting official SMEI data.
On the other hand, CPIIC data suggests the Chinese pharmaceutical industry revenue and profit growth rebounded slightly in 2016 to 10.3% and 15.6% respectively, despite shadows of numerous challenges stemmed from the troubled Chinese economy, regulatory shakeups, cost containment measures and healthcare reform turbulences.
Albeit the seemingly better industry performance, which may simply mean higher inventory in the face of slower market growth, the era of single-digit Chinese pharmaceutical market growth is here to stay, the China Pharmaceutical Guide 2017 summarizes.
QuintilesIMS reported the Chinese hospital drug sales were up 8.1% in 2016. The slowing growth was attributed by the company to be intensified government cost containment policies, implementation of rationalization policies for clinical drug consumption, control of drug sales share in total hospital revenues, and centralized hospital tender purchase. It also disclosed the sales of OTC drugs and health foods of Chinese retail pharmacy sector to have reached CNY 77.4 billion in 2016, up only 2.8%, continuing a slowing growth trend due to slower price rise and negative volume growth.
The China Pharmaceutical Guide 2017, an indispensable reference for MNC pharma executives with China responsibilities for more than a decade, provides various data sets on the Chinese pharmaceutical market and drug consumption patterns from respected sources including QuintilesIMS, SMEI, CPIIC, CPA, Sinohealth, Nicholas Hall and other official sources. The publication, from the publisher of WiCON | Pharma China and covers all aspects of Chinese pharma/healthcare sector, aims to help HQ and local executives at proactive MNCs feel the dynamic and up-to-date pulse of Chinese healthcare in order to stay in the driver seat of their business in the country.
In 2016 and early 2017, the CFDA’s move to elevate drug quality and reform drug approval system, though contradicted by other government agency’s preoccupation to slash drug costs, has advanced substantially in the past year. The real questions are that, with the world’s largest population, what kind of healthcare solution and product mix China can and should get for merely 5%-6% of GDP? Is the country willing or able to pay more for better drugs and healthcare being pushed?
Despite superficial slogans and touted ambitions of the Chinese government, the healthcare reform has been hijacked by cost containment and gone astray from the pledged path of improving efficiency and fixing structural flaws. With tax and other revenues drying up and under increasing threat of BMI system deficit amid a slowing Chinese economy, local governments are pressured by both the central government and the public to do more for healthcare with less financial resources.
Pushed to the corner, the Chinese pharmaceutical industry is now at the brink of business bottomlines. Nonetheless, many drug company executives are still bullish about China's long-term growth prospects. As the government improves access to healthcare, the country’s pharmaceutical market is projected by QuintilesIMS to reach approximately between $140 billion and $170 billion by 2021 on slower annual growth between 5% and 8%. But the short-term picture is proving difficult, with reforms in the hospital sector affecting physician prescriptions and price pressures growing for most drugs.
The Chinese economy and the reform of its healthcare system are once again at crossroads. Pharma companies, local or foreign, must change to remain competitive and fit with the market.
Other than growing challenges on the ground in China, there are success stories from all categories of players, whether they are foreign or local, large or small, newcomer or established, private or state-owned. However, to be one of the success stories require a thorough understanding of the sector, ability to face and tackle challenges, flexibility to deal with changes, and skills to maneuver through complex situations.
All purchasers of the China Pharmaceutical Guide 2017 (12th Edition) will receive one-year complimentary subscription of Pharma China Weekly e-Alert (Premium Edition) which provides a weekly summary of the top Chinese pharmaceutical news and Breaking News Alerts which notifies subscribers of any major unfolding events in the Chinese pharmaceutical and healthcare sectors.
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