● Trend of biomedical industry in the world
The biomedical industry has become a new engine for global economic development. As the population of low- and middle-income countries and high-income countries in the world increases, a large number of people will need health care which will bring new motivation for the biomedical industry. According to Evaluate Pharma World Preview 2019, it shows that the sales of prescription drug grew at 2.3% from 2010 to 2018. It predicts an annual increase rate of sales of prescription drug at 6.9% from 2019 to 2024. As shown in the figure 1, it predicts that the expected sales of prescription drug will reach 1.18 trillion US dollars.
From the figure 4, it shows a rapid increase of the share of biotech products of prescription and OTC sales. The share of Biotech products increases from 34% to 53% from 2010 to 2018 and it predicts that the share will become to 50% in 2024.
Simultaneously the pharmaceutical industry is showing new technology-driven innovation, upstream and downstream of the data communication industry.
● Biomedical industry grows rapidly in China
China is becoming the most dynamic growth of the global biomedical industry force.
The definition of the biomedical industry is development of life sciences promotes the combination of biotechnology and medical devices to form the field of bio-medicine.
At present, China's biomedical industry is one of the seven strategic emerging industries. China’s biomedical industry is exploding with a compound annual growth rate of 16%, ranked first in the world. In the future, China's bio-pharmaceutical industry will continue to grow, and its development potential is huge. The driving force mainly comes from the three different aspects which are policy support, technological innovation and capital inflow.
In recent years, the policy of the biomedical industry has been continuously introduced, including the “13th Five-Year Plan” and “Healthy China 2030”, China. Join ICH, MAH pilot implementation, precision medical strategic planning, etc. Meanwhile China accelerates the implementation of the national dual-generation plan which prompts the number of newly established enterprises in the domestic biomedical industry.
With the gradual development and government supporting policies of the biotechnology industry platform and supporting industry applications, biomedical technology has greatly enhanced the R&D strength of industrial enterprises, and many technologies have leapt to the forefront of the world.
For example, in the field of tumor immunotherapy, Nanjing Legend Biotechnology Co., Ltd. announced its CAR-T treatment data at the 2017 American Society of Clinical Oncology (ASCO) annual meeting.
In the field of stem cell research, China has also leapt to the forefront of the world and have their own development direction. Between 2016 and 2017, only the project team specially supported by the National Key Research and Development Program “Stem Cell and Transformation Research” has published more than 40 articles in “Nature”, “Cell” magazine and its series of top international academic journals.
According to the figure 2, it shows a rapid increase of the cumulative amount of VC/PE investment in China's biomedical projects in recent years.
According to the figure 3, by 2019, the output value of the national pharmaceutical industry in China will exceed 3.6 trillion yuan.
To conclude, China's biomedical industry is shifting from high-speed growth to high-quality development. This stage is the peak period of technological innovation, the high-frequency period of policy changes, and the biomedical industry's R&D, production, circulation, and application will promote industrial transformation. Let’s looking forward to the successful transformation of Chinese biomedical industry.
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