Faced with slow growth in US and European markets, pharma companies are looking to invest in the buoyant Asian economies, reports Asia correspondent A Nair.
With its pharmaceutical market forecast to soar to more than US$100bn by 2015, China is turning into the new battleground for Big Pharma’s huge investment plans, and major drug makers such as GlaxoSmithKline, AstraZeneca, Novartis, Novo Nordisk, Bayer Schering and Bristol-Myers Squibb are drawing up their battle plans.
Pharma sales are ramping up in China and India at $23.535bn and $9.385bn respectively, according to Thomson Reuters, making them a major draw for drug developers determined to tap into a new market.
China is poised to become the world’s second largest pharma market over the next decade, arguably worth $109.5bn by 2020, and is therefore a focus of increasingly intense interest for multinational drugmakers. India is not dragging its heels either; it is set to become a promising market for patented drugs, otc and generic drugs. India’s current $12bn pharmaceutical industry is expected to double by 2015, and multinationals are racing against each other intent on forming alliances or complete buyouts to boost the development of new medicines.
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