Biotechnology is one of the most fast-growing industries nowadays in the world. China, in particular, has seen double-digit growth in its biotechnology industry. Its total medical expenditure tripled over the past five years from $281.7 billion in 2010 to $853.6 billion in 2015.China has made growing the biotechnology industry one of its top national priorities. With its large population, rapid economic growth and people’s higher income, China becomes an important market for biotech products and plays a key role in biotech product development and manufacturing, drawing more attention from investors – both private and public.
In May 2015, China’s State Council has unveiled a ten-year national plan, “Made in China 2025”, with biotechnology as one of the 10 key sectors. The plan, endorsed by Premier Li Keqiang, forecasts the market of China’s general biotechnology industry will reach 6 trillion yuan by 2020.
Most recently, Zhu Chen, China’s Minister of Health, has pledged that the country plans to spend $11.8 billion to increase biopharma innovation in its 13th Five-Year Plan, which covers the period 2016-2020.
Rani Jarkas, Chairman of Cedrus Investments, an investment pioneer with years of experience in biotech and life science sector, said, “With the Chinese government’s high ambitions and commitment to become a driver of innovation in biotechnology industry, China has great potential to maintain its rapid growth in this field and provide tremendous benefits to society.”