China’s biomedical sector is rapidly transforming itself from a manufacturing base to an innovation hub. First, the government is investing billions of dollars and setting up innovation centers in a bid to catch up with the western countries by the end of its 12th Five-Year Plan. Thus, the R&D investments, reaching a cumulative $160 billion last year and close to surpassing Japan’s spending, are starting to pay off.
Moreover, the exponential increases in pharmaceutical related patent filings are catapulting the Asian giant over the U.S. and Japan. Also, the country’s five major provinces have formed “super clusters” thanks to the remarkable pace of establishment of 15 new drug innovation centers.
In particular, China’s biomedical sector is relying on sustained investment as its booster to rapid growth. The Major New Drug Innovation Program (MNDIP) has emerged as its main source of innovation since 2009 with a special focus on cancer, the leading cause of death in China. Timely changes in patent and related laws, since the nation joined the Trade-Related aspects of Intellectual Property rights (TRIPS) agreement in 1992, have also contributed to this growth.
Source: www.usa.chinadaily.com.cn Publication Date: 2013-08-08