Until recently, Chinese patients had to battle with a baffling system before gaining access to latest innovations in drug development. This country came to be the second biggest pharmaceutical market even despite such bureaucratic hurdles. The industry is poised to increase influence now that the Chinese government decided to adopt milder rules in approving new medicines and tools.
The Discharge of Bureaucratic Hurdles Came Days before the 10th National Congress of the Communist Party
On Sunday, Beijing released important news for big pharma and Chinese citizens. The government is now willing to overhaul a decades-old system that impaired medical breakthroughs from reaching this country too soon. Such changes are going to propel local and international manufacturers to new heights.
China’s leading cabinet, the State Council, was the author of the announcement. The system streamlining appeared days before the most important political gathering for China.
Next week, Beijing will host the 19th National Congress of the Communist Party. This event is scheduled once every five years. Its purpose is to decide new political changes. Therefore, the Congress can dethrone leaders and promote others instead.
The New Direction Will Eliminate at Least Six Years of Latency in Drug Approval Procedures
According to the new rules, Chinese drug registrations can now consider foreign clinical trials. This decision exempts drug makers from the obligation to run their own tests even though the overseas research bears comprehensive results itself. As a result, drug approval procedures will now likely eliminate years of delays.
The Chinese government turned to a revamp of drug regulatory system as a way to better attend to the needs of an aging population. Over last years, the country registered more cases of diabetes and cancer than ever before. In 2016, the government redirected $11.6 billion to the healthcare industry. Only the United States was able to top such a budget.
AstraZeneca Plc., Pfizer Inc., and GlaxoSmithKline Plc. are the main local manufacturers that will benefit from this overhaul directly. On Monday, the news also boosted shares in all Chinese drugmakers that are currently researching new drugs.
“We want to make our drug industry large-scale and strong, make it more competitive.”
Head of the China Food and Drug Administration, Wu Zhen, claimed that the Chinese industry was in dire need to purify its bureaucratic hurdles. Usually, innovative research needed at least six years to penetrate this market. The goal is to embrace many life-saving medicines and medical tools in a time-efficient manner.
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