The road to internationalization for local pharmaceutical companies

Local pharmaceutical companies are bound to go international, the constant competition of domestic prices and products, the growing maturity of local pharmaceutical companies' R&D capabilities under the simultaneous declaration of China and the United States, the search for a higher quality international market and the fulfillment of commitments to investors, these four reasons determine that local pharmaceutical companies are bound to go international.

Let's look at a set of data, according to statistics, the global biologics market will grow from $286 billion in 2019 to $768 billion in 2030. China's biologics market will also grow from $312 billion in 19 years to $130.3 billion in 30 years. In the first half of this year alone, there are 51 biologically innovative pharmaceutical companies in China, including JIANGSU HENGRUI MEDICINE and LEGENDBIOTECH, going abroad, going international.

At present, the global biopharmaceutical industry shows the development trend of agglomeration, mainly concentrated in the United States, Europe, Japan and other countries and regions. Among them, the U.S. biopharmaceuticals dominate in the global market.

The North American market has always been the first stop for domestic bio-innovation pharmaceutical companies to go international. Here Pharmacare suggests that emerging country markets can be considered as a breakthrough in internationalization transition, because focusing on emerging country markets can effectively avoid R&D competition and track homogenization.

Internationalization is an all-round concept, which involves not only R&D, clinical and sales aspects, but also regulations and policies, supply chain and other aspects. The internationalization of a pharmaceutical company depends on its comprehensive capabilities, including product competitiveness, clinical development, overseas registration, commercialization and global industry chain.

Here Pharmacare has prepared several considerations for the internationalization of biopharmaceutical companies to share with you: first, we should learn well the regulatory requirements of local countries and strengthen communication with regulatory agencies; second, we should do a good job of differentiated clinical trial design; third, overseas clinical trials should respect the laws of new drug development and avoid impatience and adventurousness; and finally, internationalization strategy should be planned as early as possible.