Revealed: Latest developments in China’s healthcare industry

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South China Morning Post (SCMP) has released its China Healthcare Report 2020, which features the latest innovations and trends expected to impact the global market, as well as reforms that will reshape the country’s domestic healthcare market.

SCMP’s China Healthcare Report 2020 revealed that the latest developments include massive investments in research and development (R&D) and innovation, a focus on health technology, the rapid growth of the biopharmaceutical industry, dominance in Active Pharmaceutical Ingredients global exports, and global manufacturing tech giants tapping into medical devices and equipment.

“The world is facing an acute healthcare challenge when people are living much longer, populations are rapidly ageing, and healthcare costs are rising,” said SCMP executive editor Chow Chung-yan.

“China aims to significantly improve its healthcare standards to be on par with those in developed nations by 2030. This will spur innovation in the sector, provide an impetus for growth in the global healthcare industry, and catapult Chinese healthcare firms on to the international stage.”

Read more: Local community health initiatives to receive $50,000 grants from AIA

The report also focuses on risks brought by the COVID-19 pandemic, including geopolitical challenges, transparency in focus, quality concerns, and overcrowding and exuberance. On the bright side, the country is working on ways to address the impacts of the pandemic.

“The other side of risk is opportunity. There are notable Chinese companies striking out from the crowd to develop novel therapies in less well-served treatment areas. And several firms are highly committed to ensuring quality. These could win market share at home and abroad,” the report said.

China is also forming policies to manage the prices of drugs and medical devices, including promoting the development of private hospitals and health insurance schemes to apply competitive pressure on public facilities and alleviate the strain on government funding.

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