China Summit paves the way for Australian companies, says AusBiotech
Recognizing the leading role China will take globally in the future of life sciences, trade group AusBiotech recently presented the second Australia China Life Science Summit in Sydney and now continues to “pave the way” for Australian companies interested in opportunities in and with China.
The 2014 Summit focused on the issues and challenges of doing business in China and how to navigate the ever-changing, rapidly-developing and complex China market to build mutually-fruitful partnerships. Over two days, delegates gained expert insights, heard case studies and shared knowledge and experiences with other companies that are planning to or have already created linkages with China. There were a number of key outcomes from the event, which include:
- It is important to develop a comprehensive business plan and relationship map prior to beginning your China business strategy.
- DLA Piper identified a unique business structure called a “cooperative joint venture” and could be considered by Australian companies as a possible company structure in China.
- Of particular interest to Australian companies is the first pilot “free trade zone” recently established in Shanghai. Observers believe the zone is irreversibly linked to plans for national economic liberalization.
- Three key messages from China’s 12th Five Year Plan are: “going out, going west, going green.” Biotech is one of the key industries identified. The Summit included updates on advancements in science and technology development policy in China, which is injecting $40 billion into life sciences development each year.
- It is imperative to understand the cultural differences associated with doing business in China. Improve your cultural understanding to build lasting relationships.
- Opportunities in China for AusBiotech members are extensive and include industry collaboration, academic and research collaboration, clinical trials, manufacturing and sales.
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