Published on : Apr 14, 2015
It has taken around fourteen years; however the bet could be still paying off. In the month of February, the first therapy of Shenzhen Chipscreen Biosciences’ which is a medication for a very rare kind of lymph-node cancer has hit the pharmaceuticals market in China.
The commitment of veterans such as Dr Lu and some others to leave behind the multinational drug companies for start-ups in China proves an increased optimism in the industry. The goal which was encouraged by the Chinese government is to take the Chinese drug industry ahead of the drugs and generic medicines that are based on ones that are developed in the West.
Chipscreen’s drug/medicine which is called as Epidaza or chidamide was developed from the start till the end in China. This drug is the first of its kind which got an approval for sale in China, and is the fourth in a new class across the globe. Dr Lu has made estimation that the research cost of chidamide was around US$70 million or around one-tenth of what it would have been the cost to development in the U.S.
Director at Monitor Deloitte and pharmaceuticals and biotechnology lead in China, Angus Cole stated that these drugs are good examples to prove the potential for innovation in China. As per Deloitte China findings, China’s spending on pharmaceuticals is anticipated to top US$107 billion in 2015, which is quite ahead from US$26bn in 2007.
According to an analysis that was published in the previous year in the Journal of Pharmaceutical Policy and Practice, the China pharmaceuticals is expected to be the world’s second-largest drug industry, after the U.S., by the end of 2020.