China’s diabetes boom promises UD23 bn pot for drug makers
30-Jan-16, Market Watch
How big is the potential market for diabetes drugs in China? As big as the entire populations of Australia, Canada and Argentina — combined. And it’s growing.
%20AFP_Getty%20Images.jpg "Chinas diabetes boom promises UD23 bn pot for drug makers (c) AFP Getty Images")
Image: AFP / Getty Images
That has drug manufacturers turning more attention to the world’s most populous country in hope of collecting massive new revenues in the coming decades.
Challenges — among them the recent slowdown in China’s once-booming economy, but also its sprawling geography and the specter of increased regulation — abound. But global drugmakers have invested heavily in China.
About half of China’s diabetics have been diagnosed, according to health experts. Only 15% of those diagnosed are receiving comprehensive treatment, said Jakob Riis, head of the China business at Novo Nordisk, the world’s largest insulin maker.
Total 2015 Chinese revenues from diabetes drugs is estimated to come in around $5.12 billion. They are further expected to rise about 10% a year to reach $8.7 billion in 2020, reacing around $23 billion in 2025. That, experts say, means there is still time for substantial jockeying for position in a fast-growing marketplace.