China's healthcare industry is in for rapid growth.
Open market reforms
The newly formed China Drug Administration has replaced the China Federal Drug Agency and instated a new priority pathway.
This promises to reduce the time it takes to approve a drug from five years to just six months. This is also good news for the pharmaceutical industry, as it shows that the reforms undertaken since 2015 to open the Chinese market to the rest of the world may well be working.
What’s more, requirements to carry out local clinical trials before being granted access to the Chinese market have relaxed. These changes are all part of the country’s pledge to reform its healthcare system and are contributing to the rapid growth of its pharmaceutical sector.
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