Against a backdrop of China’s rapid economic growth, sharp increases in funding, improvements in medical outcomes and evolving demographics, the Chinese healthcare and pharmaceuticals markets have seen rapid advances over the past decade.
China’s healthcare market is now the second-largest in the world. Total revenue was estimated to be around RMB 10 trillion (approx. £1.09 trillion) in 2021, and the “Healthy China 2030” initiative, one of the government’s main blueprints for developing the healthcare industry, has set out an aim for the market to reach RMB 16 trillion (approx. £1.75 trillion) by 2030.
This growth, along with China’s sophisticated digital infrastructure, has laid a fertile ground for innovation in healthcare and life sciences.
The UK has a unique health and life sciences ecosystem, and its track record of scientific breakthroughs serves as a driving force for the next generation of life-changing treatments, technologies and services. Recent developments in China’s healthcare sector, including newly published regulations in central procurement and public hospital reform, have made the international business environment even more competitive for international businesses operating in healthcare and the life sciences. Despite growing competition internationally, the UK maintains a competitive position in China’s healthcare cooperation agenda.
The challenges facing the healthcare sector in China provide many potential opportunities for UK organisations. For example, China’s rapidly ageing population will need to be supported by innovative pharmaceutical and biotech solutions, as well as robotics and AI. Sales of home healthcare devices for older adults have already shown an increase during Singles’ Day in recent years, as have sales of dietary supplements and cosmetics with ‘anti-ageing’ properties. Indeed, many experts recommend that the best solutions to the problems of ageing are found much earlier in life, creating a need for innovative products that prevent chronic illness caused by environmental and lifestyle issues.
It is for this reason that, over the past decade, UK-China collaboration in healthcare has received unprecedented support from both governments, as well as leading companies in the industry. For example, in 2017, GlaxoSmithKline (GSK) and the British Council launched the UK-China Health and Economy Partnership, a higher education programme to promote knowledge sharing and research innovation in health economics between leading British and Chinese experts and institutions.
During the UK-China Business Forum 2024, a panel of experts will discuss how UK businesses are innovating and partnering in the Chinese market and how competition is driving healthcare forward in one of the world’s most dynamic economies. The panel includes Mark Hedley, Deputy Head of Investment Promotion at InvestHK; Sue Welburn, Vice Principal of Global Access & Professor of Medical & Veterinary Molecular Epidemiology at the University of Edinburgh; and Elinor Greenhouse, Senior Adviser, Tech and Innovation at the China-Britain Business Council (moderator). Click here to register.
Photo by National Cancer Institute on Unsplash
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