How sea turtles are essential to success in China
BIO-Europe® 2019’s panel on “The China Market” covered a lot of territory, which is appropriate for a country where sales of pharmaceutical products have doubled since 2013 to over $137bn in 2018, with 2030 predicted to be the year when sales reach 50% of the US market. Hosted by Ruediger Herrmann, partner at McDermott Will & Emery, the panel discussed the market, clinical trials, sophisticated business models, novel science, and the importance of “sea turtles.”
Recent changes in the Chinese regulatory and legal systems have transformed the Chinese life science market. March 2019’s “Foreign Investment Law,” and the roll out of an enhanced Drug Market Authorization system, now makes it much easier for companies to do business in the world’s second largest pharmaceutical market. Elpiscience’s global head of business development, Ming Fang, commented that with the simplified R&D application process an IND can now be approved in just 51 days, compared with over a year recently.