Chinese pharmaceutical companies have made great strides and are gradually changing from active drug manufacturers to innovative drug developers. Now more companies are looking at the international market, more adapting to international standards, and establishing reputation in the US stock market.
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“The most important thing is that Chinese pharmaceutical companies are more focused on innovation and R&D than ever before,†said medical analyst Serena Shao at the CLSA Investor Forum in Hong Kong on Tuesday. “Ten years ago, many Chinese companies only It is working on low-margin, labor-intensive active pharmaceutical ingredients."
The gap in R&D between China and the global market is narrowing. According to CLSA, the ratio of R&D expenditures to total revenue of Chinese pharmaceutical companies has increased from 3.9% in 2009 to 6.9% in 2014. However, in absolute terms, China still has a long way to go. The proportion of R&D spending of Indian pharmaceutical companies in total revenue has risen from 5% to 8.2%. In the same period, the proportion of the United States has increased from 5.9% to 7.7%.
Some large Chinese pharmaceutical companies, including China Biopharmaceutical, Jiangsu Hengrui Medicine and Shanghai Fosun Pharmaceutical, have increased their R&D investment in the past five years.
In 2014, China’s biopharmaceuticals invested US$140 million in R&D, which is equivalent to 7 times US$20 million in 2009. The average growth rate of R&D investment for Fosun Pharma is the highest, which is an increase of 51.2%. Last year, the company invested about Rmb90 million in research and development.
In addition to capital investment, the return of overseas students to study abroad has also promoted the development of Chinese medical technology.
“It is very different now than a decade ago, when everyone wanted to find a job in the United States,†Serena Shao said. “There are about 2 million people who are returning to China. They bring advanced technology and mentality. Logic and experience."
Looking at the number of executives with overseas backgrounds, Shenyang Sansheng Pharmaceutical and Fosun Pharma stand out among Hong Kong-listed biotech companies.
Collaboration between multinational companies and local Chinese companies and clinical trials in lower-cost China also promote the development of Chinese pharmaceutical R&D. "The cost of clinical trials in the United States may be $100,000, and in China it may be only one-tenth of the cost," Shao said.
Recent cooperation between Chinese companies and multinational pharmaceutical companies includes: Boehringer Ingelheim Shanghai Branch will produce biopharmaceuticals for clinical trials of Baekje Shenzhou. Greenleaf Pharmaceutical Group and South Korea's Hanmei Pharmaceutical Co., Ltd. have reached an agreement to jointly develop the poziotinib small molecule drug.
Chinese companies are also aiming to enter the international market. It is reported that both Luye Pharmaceutical and Fosun Pharma plan to obtain more approval in the US market in 2016 and 2017. Foreign regulatory standards have challenged Chinese companies to enter overseas. Drug regulation in the United States and China is very different. The US pharmaceutical market is very developed and has detailed regulatory provisions that will affect how research is conducted.
Despite many advances made by Chinese pharmaceutical companies, US investors in general still have doubts about the governance and technology of Chinese companies. They need to take the time to realize that the fundamentals of Chinese companies are changing.
“The Chinese companies listed in the United States have been underestimated compared to their peers listed in Asia because local investors understand more about the nature of their business,†said Shao.
However, many Chinese pharmaceutical companies still plan to go public in the United States. They will be listed in the United States as a good opportunity to increase their reputation in the global market and promote their products.