Many Chinese citizens today are demanding better drugs and treatments for diseases. IQVIA Holdings predicts that the China drug market will grow by 30% over the next few years, reaching $170 billion in sales.
Last year, China added about 100 Western drugs to public insurance plans, including cancer drugs from Glaxo (Viread) and Roche (Herceptin). The China National Drug Administration, formerly known as the China Food and Drug Administration (CFDA), is dramatically increasing its staff and has been approving drugs a lot quicker. New regulations allowing more foreign clinical data to be used for China drug registration is also increasing the number of drugs available to Chinese citizens.