China must now be reckoned with on the global pharmaceutical scene. If the Middle Kingdom remains associated in the collective imagination with the manufacture of copies of drugs or their generic versions, it no longer intends to play the second role.
Oncology, which is the largest and most profitable segment of the market, illustrates the rise of China. As Asco, the sector's high mass, opens on June 2 in Chicago, Iqvia's latest annual report highlights a shift in the balance of power. Admittedly, the United States still accounts for almost half of global spending on oncology (drugs and treatments), which last year was $196 billion (+4%) and is expected to reach $375 billion within five years. But the Middle Kingdom's spending in this area has more than doubled in five years, from $5 billion to $11.8 billion. Growth driven by "wider access of the population to new treatments...
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