Adapting to change is a prerequisite for doing business in China’s fast-moving healthcare sector. The widespread impacts of Covid-19 have accelerated planned reforms which, in some cases, are taking a new direction. What are the overarching trends to look out for?
This report gives you an inside perspective on the recent evolution of China’s healthcare ecosystem where new technologies and government action are reshaping the playing field for foreign companies.
China represents 16 per cent of Sweden’s exports of pharmaceutical products – with a local presence spearheaded by companies such as AstraZeneca and Getinge – and is the ninth largest destination for medical devices. But it is not a market where Swedish suppliers can be complacent.
The Chinese healthcare system has been on an aggressive path of reform since the outbreak of the SARS epidemic in 2003. Without doubt, the coronavirus pandemic has now intensified the government’s focus on the healthcare agenda.
The report highlights the five principal areas of reform: new infrastructure, digitalisation, innovation, the tiered healthcare delivery system and changes to procurement practices for both pharmaceuticals and medical devices.
As developments pick up speed, Swedish life science companies need to closely monitor the market in order to adapt to the post-Covid-19 context. The journey starts here with a panoramic snapshot of recent events, challenges that lie ahead and recommendations for further action in response to China’s reform policies.