Biotechnology is one of the most fast-growing industries
nowadays in the world. China, in particular, has seen double-digit growth in
its biotechnology industry. Its total
medical expenditure tripled over the past five years from $281.7 billion in
2010 to $853.6 billion in 2015.
China has made growing the biotechnology industry one of its
top national priorities. With its large population, rapid economic growth and people’s higher
income, China becomes an important market for biotech products and plays
a key role in biotech product development and manufacturing, drawing more attention from investors –
both private and public.
In
May 2015, China’s
State Council has unveiled a ten-year national plan, “Made
in China 2025”, with biotechnology as one of the 10
key sectors. The plan, endorsed by Premier Li Keqiang, forecasts the
market of China’s general biotechnology
industry will reach 6 trillion yuan by 2020.
Most
recently, Zhu Chen, China’s Minister of Health, has pledged that the
country plans to spend $11.8 billion to increase biopharma
innovation in its
13th Five-Year Plan, which covers the period 2016-2020.
Rani
Jarkas, Chairman of
Cedrus Investments, an
investment pioneer with years of experience in biotech and life science sector,
said, “With the Chinese government’s high ambitions and commitment to become a
driver of innovation in biotechnology industry, China has great potential to
maintain its rapid growth in this field and provide tremendous benefits to
society.”
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