Asia Spotlight: China’s First TCM Law Excites Industry Looking For Cheer
A long-awaited new law that could greatly enlarge the market for traditional Chinese medicines has prompted domestic drug makers in China to race to develop new products, but could it also hurt multinational drug companies in the country?
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Much of the biopharma and other health-related industries in China were already feeling the chill from ongoing macro-economic and other headwinds this year, which now look set to be complicated further by the added strain of social unrest over strict COVID containment policies. The combination of factors is already prompting some to take steps towards restructuring and divestments to survive.
With growing cases and deaths reported just as the country was preparing to ease some of its most restrictive COVID-19 measures, China takes new control steps amid low booster vaccine uptake and moves to halt the online sale of a repurposed domestic antiviral.
After inking major deals with AbbVie and AstraZeneca, China-US company Harbour BioMed recently shifted strategy, divesting its site in Suzhou to WuXi in a bid to be “more focused, efficient and nimble” and emerge stronger post-pandemic, says founder, chairman and CEO Jingsong Wang in an exclusive interview.