Consider this: one in four new global cancer cases are now in China, and over 100 million Chinese people have diabetes – the largest diabetic community in the world.
The Chinese government regards the rapid development of biotechnology as critical to tackle the looming challenges facing China’s healthcare system. These include caring for a rapidly ageing population, the rising burden of public and private healthcare spending, and high morbidity from non-communicable diseases. Some of the key initiatives include "Healthy China 2030 Plan," modeled on the health targets of UN Sustainable Development Goal 3.
In addition, China’s exceptionally high incidence of cancer and diabetes make it highly dependent on expensive imported drugs and patents, a dependence the government wants to reduce with homegrown and affordable innovative biomedicine.
Since becoming one of the Chinese government's strategic industries in recent years, the domestic medical biotech sector has enjoyed dynamic growth in a short period of time due to a combination of policy support, industry deregulation and deep pockets from private investors. Frost & Sullivan forecasts China’s biotech market to grow at a five-year growth rate of 16.4% by 2021, making it the world’s fastest.