On January 19, the Chinese Ministry of Industry & Information Technology (MIIT) unveiled a new Five-Year Plan for the Development of Pharmaceutical and Medical Device Industries. This Plan establishes key objectives in government investment in the pharmaceutical and medical device industries. Major objectives include:
- Retaining fast growth: The MIIT aims to grow the gross industrial output of its drug and medical device industries by 20% annually. The MIIT has set the goal of having more than 5 companies achieving sales of $8 billion by 2015.
- Enhancing innovation: The MIIT aims to grant New Drug Licenses to over 30 innovative drugs and upgrade the production of 200 major drugs. Additionally, the MIIT has pledged to spur the development of over 30 new generic drugs and over 50 medical devices.
- Improving quality & safety: All drug production must meet the new 2012 Good Manufacturing Practices (GMP) requirements. The MIIT plans for over 80 manufacturers passing GMP certification in the US, Europe, Japan, or the World Health Organization. The MIIT also intends to pass over 200 active ingredients for US FDA or European inspections.
- Safeguarding the supply of Essential Drugs: The MIIT aims to ensure the supply of all products on its Essential Drugs list. For major essential drugs, the MIIT will endeavor to have the top 20 producers occupying 80% of the market.
- Increasing international competitiveness: Pharmaceutical exports are expected to grow by 20% annually. This goal includes investing in generic products. The MIIT plans on having over 200 generic products registered and sold in the US, Europe, and Japan.