Opportunities in China for novel drugs will continue to grow despite recent NRDL price cuts. For example, Novartis sales in China are close to $3.1 billion a year, and last year sales grew by double digits. 2025 sales are expected to top $4.2 billion in China as sales of their heart failure drug Entresto and anti-inflammatory drug Consentyx continue to grow. Recent price cuts are, in many situations, becoming overshadowed by very large increases in sales. Novel drug approvals and pricing on China’s NRDL list are a lot faster these days than before. The Chinese government is looking to provide better therapies for their population, and China’s healthcare budget is still low compared to the West at about 7% of their GDP.