2/26/2024 0 Comments Blueprint medicines stock forecast![]() Moreover, the CDE granted over 200 New Drug Applications (NDAs) from 2016 to 2020, according to data from GBI, a provider of intelligence and analytics for the Chinese pharmaceutical market. Meanwhile, measures to accelerate new-drug reviews, including raising the number of staff at the Center for Drug Evaluation (CDE) from 150 in 2015 to 700-plus in 2018 (supplemented by over 600 external committee members), helped clear a backlog of 20,000 applications in two years, according to CDE data. These steps enabled China’s drug discovery and development ecosystem to integrate globally. ![]() The speed and scale of the reform is quite unprecedented in China’s history a 2015 overhaul, with the goal to bring China’s pharmaceutical regulations into line with international standards, had facilitated accession to the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use by 2017. The regulatory environment subdimension showed the largest improvement, with the score advancing from 4.0 in 2016 to 6.2 in 2020. Rapid regulatory reform has supported faster development and approvals Drilling down into each dimension reveals six key takeaways. Our research shows that industry sentiment is steadily improving, with the average rating across all criteria increasing from 4.5 to 5.5 between 20. We polled 129 industry experts for the 2020 edition of the CDII, two-thirds of whom are CEOs or senior executives, to establish the dimensions in which China has made the most progress and the areas that still require attention. Participants rate China on a scale from 0 to 10, with 10 being the highest, and the United States serving as a benchmark with a score of 8 (Exhibit 2). First launched in 2016, the survey asks industry experts to gauge five dimensions that support healthy biopharma innovation: policy environment (split between regulatory reforms and market access policies), funding, research and development (R&D) capability, local innovation output, and integration with global markets. To understand how China’s biopharma innovation ecosystem is evolving and obtain a more nuanced understanding of the drivers behind its growth, McKinsey maintains the China Drug Innovation Index (CDII). Regulatory reforms, the emergence of bioclusters in areas such as the city of Suzhou, talent returning from overseas, and the opening of China’s capital markets have all played a part in enabling Chinese biopharma to emerge on the global innovation stage. China’s innovation ecosystem: A fast and slow evolution ![]() 1 Building China’s pharmaceutical innovation ecosystem–part one of the series research reports: 2015-2020 development review and future prospects, jointly released by China Pharmaceutical Innovation and Research Development Association and the R&D-based Pharmaceutical Association Committee, April 2021, includes all pipelines in preclinical, clinical, and preregistration stages multinationals’ pipeline is accounted for based on the location of the company headquarters. Indeed, Chinese biotechs are leading on IPO fundraising-seven out of the world’s top ten largest biopharma IPOs from 2018 to 2020 originated from China.Ī rapid proliferation of new drug discoveries with the potential to address unmet needs in the domestic market and beyond has helped China increase its share of the global innovation pipeline to 13.9 percent in 2020 from 4.1 percent in 2015. Public debuts for Chinese players have also accelerated, with 23 IPOs in 2020 alone. Biotechnology companies originating in China accounted for $180 billion of that total (Exhibit 1). The market value of publicly listed biopharma innovation players from China across the Nasdaq, Hong Kong Stock Exchange (HKEX), and Shanghai Stock Exchange Science and Technology Innovation Board (STAR) has surged from $3 billion in 2016 to more than $380 billion in July 2021. Innovation in Chinese biopharma is fast becoming a notable story, underscored by significant value creation on global capital markets. In this article, we take the pulse of China’s vibrant innovation ecosystem, look at the key trends driving the biopharma industry, and share thoughts on how multinational pharmaceutical players can tap into innovation opportunities in the world’s second-largest healthcare market. China’s biopharmaceutical ecosystem is experiencing a momentous shift from a formerly generics-focused play into one that nurtures innovation, with profound implications for patients and industry peers.
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