Mainland China’s pharmaceutical sales to hit $345b by 2033

Global drugmakers seek partnerships to boost their presence in the world's second-largest pharmaceutical market.

Mainland China’s pharmaceutical sales are projected to grow from $247b in 2023 to $345b in 2033 at a compound annual growth rate of 6.3% in US dollar terms, said BMI.

Major global drugmakers are actively seeking partnerships in the Mainland to replenish their drug pipelines and enhance their presence in the world's second-largest pharmaceutical market.

“In August, Shanghai ImmuneOnco Biopharma out-licensed global rights for two of its antibodies to US-based Instil Bio,” the report said.

In line with this, GlaxoSmithKline entered into an exclusive licensing agreement with Hansoh Pharma for an antibody-drug conjugate targeting solid tumours last December 2023.

Meanwhile, Mainland China's Government Work Report is expected to boost market attractiveness for drugmakers and stimulate growth within the sector. In March, the State Council introduced measures aimed at developing “new quality productive forces” and modernising the industrial system.

Moreover, the comprehensive national strategy aims to enhance the innovation capabilities of the domestic biotech industry through subsidies, financial incentives, national reimbursement initiatives, and the establishment of high-tech science parks.