Despite the intensified trade dispute with U.S. this year, China's pharmaceutical market still keeps its door open to the world. In this May, the government has removed the tariff on 28 categories of imported drugs. Chinese Premier Li Keqiang has also advocated for healthcare, medical insurance, and pharmaceutical reforms by expanding the coverage of basic medical insurance and accelerating approvals process to boost sales.
China's rapidly aging and increasingly wealthy population, as well as the well-established manufactural system for pharmaceuticals also catalyze the development of the industry. China now has become the world's second-largest pharmaceuticals market and the fastest emerging market for the sector.
In addition, China is pouring more resources into pharmaceutical innovation. Many leading local pharma firms that originally focused on generics drugs have made the transition into the development of innovative drugs. It is estimated that the market size of patent drug in China will reach $178.4 billion by 2022.