2017 A Takeoff Year For China Drug Approvals?
2017 may become a banner year for the China FDA as the agency officially joined the ICH process and began aligning more closely with the US FDA, approving over 25 innovative new drugs so far with an increasing focus on treatments for cancer, hepatitis and orphan diseases.
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Leveraging the internet and big data to improve healthcare, regulatory efficiency and cancer treatment are among the priorities singled out by the Chinese Premier at the annual National People's Congress meeting. Some delegates say drug approval and coverage challenges remain, while industry observers point to commercial insurance as a solution to drive the specialty market such as cancer care.
A spectacular secondary offering will enable Beijing-based BeiGene to expand in both novel R&D and manufacturing in 2018, driven largely by an integrated China-global approach, its CFO says.
Armed with massive amounts of data, China is poised to make a dent in big data-driven innovation and artificial intelligence applications including smart health. A policy push to encourage the development of novel drugs also means there may be more biotech unicorns and innovative therapies to attract investment inflows.