The fast growth in China’s health care sector will proceed apace this year as the industry benefits from supportive policies and investors pile into surging biotech stocks listed in Hong Kong, according to an analyst at ICBC International quoted by Caixin Global.
Faster approvals of new drugs and medical devices will be a particular boon to Chinese pharmaceutical companies, Zhang Jialin, a senior health-care analyst at ICBC International’s Hong Kong office, told Caixin Global.
In October, the State Council proposed expediting approvals for new drugs and announced that from now on overseas clinical trial data will be permitted for use in the approval process. This will allow domestic drug makers with a large pipeline to bring their products to market more quickly, according to Zhang.
Zhang also predicts a wave of consolidation in China’s fragmented pharma industry, which will help industry leaders gain market share.