China launches pilot scheme to ease drug approvals

 05-Nov-15, Reuters 

China has launched a three-year pilot scheme to loosen approvals for new drugs, the country's food and drug regulator said on Thursday, as Beijing looks to help stimulate innovation in the country's pharmaceutical sector.

Image: ET Healthworld

The trial, set to take place in 10 regions, will allow research and development bodies to seek drug approvals, which are currently restricted to drug manufacturers, the China Food and Drug Administration said in a statement on its website.

China's pharmaceutical market is a magnet for global drugmakers, who are now facing increasing competition from local rivals for a slice of a medicine market that is estimated to hit $185 billion by 2018.

China is looking to reform its over-burdened healthcare system, which is blighted by crowded hospitals, corruption and tension between patients and staff. Industry insiders, though, say reform is grinding along.

 Read the full article 

 Insights