Happy Chinese New Year!
While China has long been a key powerhouse in Asia, its trajectory over the next decade is set to sky rocket.
Here are 8 top facts you need to know about China’s growing economy and population when considering your next clinical trial in Asia.
1. China has a large, easily accessible patient population of 1.3 billion people and 15 megacities with populations exceeding 10 million people. Its population is also expected to increase by another 1 billion people by 20301.
2. By 2030, China will have one of the largest middle class populations in the world and is expected to make up as 70% of its projected population1.
3. China will soon have one of the oldest (80+ years) populations in the world and has an estimated growth of 1 million people aged 80+ years each year until 20252.
4. As China’s populations increases, so will its burden of lifestyle and chronic related disease; equaling and in some diseases outstripping those of Western nations3. China has also a higher prevalence of gastric and esophageal cancer3.
5. China currently has one of the largest treatment-naive populations in the world – and together with its growing middle class and aging population, it will also have one of the largest pool of patients in the world2.
6. Clinical trials undertaken in China are incredibly cost competitive in comparison to those undertaken in the United States or Western Europe. China has one of the lowest Clinical Trial Operational Costs and Costs per Patients per Visit in Asia3.
7. Clinical trials undertaken in China are required before being able to access the growing Chinese market. Domestic clinical trials are required for all drugs to be sold in China. Manufacturers can only receive regulatory authorisation for products based on clinical trials that have been carried out in China2.
8. The Chinese government is targeting the biotech industry as a key area of growth. Certain biotechnology and pharma subsectors will benefit from provisions outlined within the Chinese government’s latest Five-Year Plan3.
For more information about clinical trials in China, visit our China Country Profile page
Talk to us about how Novotech can help you access this exciting market for your next clinical trial.
1 EY, Insights: Middle class growth in emerging markets Hitting the sweet spot, 2013
2 Deloitte, The next phase: Opportunities in China's pharmaceuticals market, 2011
3 Frost & Sullivan white paper ‘Asia: Preferred Destination for Clinical Trials’, 2017