China MediTech fast becoming a force to be reckoned with
Chinese companies need to innovate to break through to the next level, says CEO
China MediTech, listed on the London Stock Exchange, is slowly becoming a pharma force to reckon with in China.
A recent announcement by Hutchison China MediTech that it had enrolled patients for a study of colorectal cancer has made many sit up and take note. It represents another step forward for one of several experimental medicines being developed by the company, which is backed by Li Ka-shing, Asia’s richest man.
Chi-Med, as it is known, has a market capitalisation of just £550m, but is part of a growing Chinese life science sector. Chi-Med is also developing its colorectal cancer drug, fruquintinib, with Eli Lilly of the US and is working with AstraZeneca of the UK on another, called volitinib, for renal cell cancer.
Christian Hogg, Chi-Med Chief Executive Officer, said China realises that innovation is what matters in pharma. There are already some big Chinese drug companies, but to get to the next level, they have to innovate.
Beijing has made speedier development of research-based pharmaceuticals a national priority, both to serve the growing health demands of Chinese society and to challenge the dominance of western drugmakers.