HEALTHCARE | Staff Reporter, China

China's healthcare spending to reach $49b by 2023

By then, China will account for 23% of the world’s healthcare spending.

China's combined pharmaceutical and biopharma R&D spending is forecasted to grow at a compound annual rate of 23% until 2023 to reach $49b, according to South China Morning Post’s latest healthcare report. By then, China’s pharmaceutical and biopharma R&D spending will account for 23% of the world's total spending on drug discovery and testing.

Chinese biopharmaceutical sales have more than doubled since 2016 and are projected to reach almost $50b by 2021. China's capacity to create best-in-class drugs could rival that of America and Europe before 2030, according to SCMP’s study.

Meanwhile, Chinese medical supplies accounted for $10b of the total exports in Q1 whilst the country is now manufacturing 40% of APIs used worldwide.

With an expenditure of $3.5t in 2018, China’s healthcare industry is the second-largest market in the world.

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