Abstract

ANALYSIS ON RECENT ECONOMIC POLICIES OF PHARMACEUTICALS IN CHINA AND THE PROSPECT OF PHARMACEUTICAL MARKET OF CHINA IN THE NEXT FIVE YEARS

Xing-Yi Zhang, Nan Li, Yiyangzi Ma and Qifeng Wu*

Abstract

On October 8, 2017, China Food and Drug Administration (CFDA) promulgated the Opinions on Deepening the Reform of Review and Approval System and Encouraging the Innovation of Drugs and Medical Devices. The Opinions were promulgated jointly by the State Council and the The Central Committee of the Communist Party of China (CPC Central Committee), which shows the authority of the policy and also the guiding significance for the policy reform roadmap in the field of pharmaceutical supervision in China in the future. Based on the working experience of more than ten years in the Chinese pharmaceutical supervision system, in combination with the perspective of macroeconomics, this article analyzed the two reforms involved in the document and their possible influence on the application strategy of the domestic and foreign applicants (that is, pharmaceutical companies) while analyzing the challenge of this policy on the CFDA itself and predicting the self-changes of CFDA that may possibly occur; it is expected to help deepen the understanding of this policy by the people all over the world who pay close attention to the Chinese pharmaceutical market and policy trend and the implementation at the practice level, and also help the people engaged in policy research and financial market to analyze and prejudge the influence of the changes and policy restructuring in the field of Chinese pharmaceutical market in the next five years on the pharmaceutical economy of Chinese mainland.

Keywords: Health policy; drug policy analysis; pharmaceutical market.