China craves foreign aid for innovation

After decades of manufacturing generics, China is eager to catch up with novel drug development for further growth, says The Pharma Letter’s local correspondent Wang Fangqing.

The Chinese government made it clear that foreign investors are welcome to get involved as the fast growing number of aging population in the country is posing great demand for novel treatments for chronic diseases, said Bi Jiyao, a director at China's national development and reform commission, at the 2016 China healthcare investment conference held in Shanghai in March,

Foreign investment already hiked in 2015, reaching $414 billion in China's drug sector, up 23 percent year-on-year, according to ChinaBio Consulting, a Shanghai-based firm helps foreign investors like Fidelity Asia Ventures and Sequoia to find the right Chinese candidate.