Biologics are the next challenge for multinationals looking to enter the lucrative Chinese market, but such drugs must offer value and genuine innovation, say the CEOs of Merck KGaA and Chi-Med. “Referring to China as an emerging market is a bit like referring to Google as a new economy,” said Stefan Oschmann, CEO Pharma at Merck KGaA, during a panel discussion discussing new market opportunities at last month’s FT Global Healthcare and Biotech Conference in London, UK. Approximately 40% of the Germany-headquartered firm’s revenues come from markets which are generally described as ‘emerging,’ with China being a major focus of investment for the Merck Serono division. Last year China's healthcare spend was around $132bn, up from $5bn in 2000, the panel said but for multinationals looking at entering this lucrative market the challenge is to offer high quality branded products at affordable prices, according to Oschmann. “Traditionally business [in China] has...
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