China is a major player in the pharmaceutical industry, but it still falls short of being a global powerhouse. With rising barriers to new drug development and increasingly robust patent protection systems, Chinese pharmaceutical companies are facing a harsh reality: they must adapt to international standards, strive for independent innovation, and invest heavily in R&D, or risk being left behind in the global market.
In terms of production capacity, China has significant strengths. It leads the world in formulation processing, ranks second in bulk drug production, and holds 25% of the global API (Active Pharmaceutical Ingredient) market share. It also tops the world in the output of certain chemical drugs, especially antibiotics and vitamin C. However, when it comes to R&D, China still lags far behind. Among the dominant drugs in the global Western medicine market, very few are patented products from China. The lack of independent intellectual property rights and the issue of product homogenization are serious problems. Many generic drugs are produced by dozens of companies simultaneously, leading to market chaos, insufficient funding, and a vicious cycle of low innovation rates.
According to Wang Xiaoliang, director of the Institute of Materia Medica at the Chinese Academy of Medical Sciences, it is difficult for China’s new drugs to "break through." This is largely due to the legacy of the planned economy, where there was a disconnect between scientific research, production, and the market. This has significantly hindered corporate R&D capabilities. In contrast, developed countries adopt a market-oriented approach to drug R&D, linking basic research, development, industrialization, and commercialization under enterprise leadership. In China, however, the responsibility lies mainly with research institutes and pharmaceutical companies. Research institutions focus on basic and some developmental research, while companies rarely engage in basic research and only participate in part of the development and industrialization process. This division, which has persisted for over 50 years, has prevented companies from building a solid foundation for independent R&D.
The pharmaceutical industry is known for its high risks, high costs, and potentially high returns. Major multinational pharmaceutical companies typically allocate 10% to 20% of their profits to R&D. For example, Pfizer invests over $5 billion annually in R&D, while AstraZeneca spends more than $14 million per working day. In contrast, China's pharmaceutical industry has consistently invested less than 1% of total sales in R&D for many years. Meanwhile, advertising costs can reach 5% to 10% of sales, reflecting an unreasonable distribution system and high sales costs. In foreign markets, over 80% of pharmaceutical sales return to the manufacturers, providing strong financial support for further innovation. In China, only a small portion of sales returns to producers, sometimes as low as 10% to 20%. As a result, companies often spend more on market development than on R&D.
Experts believe that achieving independent innovation in the pharmaceutical sector requires shifting the focus to enterprises as the main drivers. Companies should closely collaborate with research institutions, leveraging their scientific strengths and integrating them into enterprise-led market-oriented management. They should also establish their own R&D teams with strong scientific capabilities. At the same time, it's essential to motivate companies to invest in innovative drug development and improve the overall pharmaceutical market environment. The current lack of R&D investment is closely related to the market conditions. Some high-quality products developed by reputable manufacturers, after years of research, have excellent efficacy and meet strict quality standards, but their higher production costs make them less competitive. As a result, companies often focus more on marketing rather than R&D.
Experts predict that if 10% of national retail drug sales were allocated to new drug development, it could generate 200 billion yuan annually. This would mean pharmaceutical companies investing 20 billion yuan each year in R&D—more than ten times the state's investment. With such support, the development of "bombshell" new drugs with annual sales exceeding one billion US dollars is within reach.
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