The Chinese market has become a growth engine for foreign-funded companies, localized into a key word for multinational pharmaceutical companies

 In recent years, the market scale of China's biopharmaceutical industry has expanded rapidly, with an average annual growth rate of about 8%
.
Data shows that the scale of China’s biomedical industry will reach 3.
57 trillion yuan in 2020.
According to the China Industry Research Institute’s forecast, this market will exceed 4 trillion yuan in 2022, and it is expected to exceed 5 trillion yuan by 2025.
As the overall domestic pharmaceutical market continues to grow, the industry says that the Chinese market has become an engine for the growth of foreign pharmaceutical companies
.
According to related reports, in 2020, there will be more than 80 cooperations between local companies and multinational pharmaceutical companies, with scale and quality reaching new heights
.
In the face of China's huge pharmaceutical market, in recent years, "localization" has become a key word for multinational pharmaceutical companies
.
For example, in a recent interview with the media, a multinational pharmaceutical company said that the multinational pharmaceutical company is re-examining its localization strategy in China and elevating China's position in the global layout to a more critical position.
At the same time, multinational pharmaceutical companies are accelerating the localization of China.
Innovative ecological chain construction
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In recent years, multinational giants have been continuously innovating cooperation models with various domestic parties.
While empowering China's biomedical industry, they have joined hands to build a broad Chinese local pharmaceutical R&D ecosystem
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For example, in September 2020, CStone Pharmaceuticals reached a strategic cooperation with Pfizer
.
CStone Pharmaceuticals and Pfizer will jointly select oncology products in the Pfizer pipeline that are in the late stage of research and development (that have passed the proof-of-concept) and jointly develop them in the Greater China region.
CStone Pharmaceuticals and Pfizer can also selectively cooperate in the Greater China region.
Introduce other tumor products
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At the 2021 China International Import Expo, Pfizer's blockbuster innovative oncology product lorlatinib (lorlatinib, formerly known as lorlatinib) is the representative of the joint development of the pipeline between the two parties
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At this year’s CIIE, Roche exhibited the Roche China Accelerator with an investment of nearly 300 million yuan.
It is reported that this is the first accelerator independently established and operated by Roche in the world, aiming to find outstanding local biotechnology and pharmaceutical companies.
Cooperate with domestic companies in research and development to help promote the accelerated development of China's medical innovation
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Novartis and Zhangjiang Group signed a memorandum of cooperation on the Novartis China Life Science Open Innovation Platform
.
In the future, Novartis will cooperate with Zhangjiang Group to incubate and accelerate innovative projects in medical and health, life sciences and other fields, and promote the construction of China's biomedical ecosystem
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It is expected that by the end of 2024, Novartis will submit more than 50 new drug applications in China, and is committed to achieving more than 90% of China's new drug registrations in 2024 with the global synchronization
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China’s pharmaceutical policies continue to be reformed, local pharmaceutical innovations have risen, coupled with the acceleration of demographic dividends and aging trends, China has become a large pharmaceutical market.
The huge market has attracted many overseas pharmaceutical companies to China, and the Chinese market has become an overseas pharmaceutical company.
The battleground
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According to the industry, China's biopharmaceutical industry is undergoing industry reform led by "innovation".
In such a wave of innovation, multinational pharmaceutical companies should follow the reform and development trend of China's medical industry, accelerate innovation strategies, and better integrate into the Chinese market
.