Innovation puts the pharmaceutical industry in the global league | So Good News
Expansion abroad, breakthroughs in China confirm modernization
Strengthening political support, deepening health reform, high level of transparency, innovation-based development, increasing elderly population and emerging global opportunities make China a strategic player in the global pharmaceutical market.
The country’s importance stems from its status as a large consumer market, as well as the fact that it is an increasingly important link in the global pharmaceutical industrial and supply chain.
This is good news for companies like Porton Pharma Solutions Ltd, a Chinese contract development organization (CDMO) based in Chongqing. Porton recently announced plans to establish a research, development and manufacturing site in Slovenia. The project marks Porton’s latest step in expanding its global footprint.
Such developments underscore the emphasis on innovation as part of China’s modernization, boasted in a speech at the opening session of the 20th National Congress of the Communist Party of China on October 16.
The country will accelerate the implementation of its innovative development strategy to achieve greater confidence and strength in science and technology, the statement said.
He also said that efforts will be made to improve the new system of mobilizing resources across the country to achieve key technological breakthroughs and enhance China’s strength in strategic science and technology.
It’s something Porton has been doing for some time. It provides R&D and manufacturing services for small molecule active pharmaceutical ingredients or APIs, dosage forms and biologics to top multinational pharmaceutical companies as well as start-ups.
More than 90 percent of Porton’s revenue comes from overseas markets where it has operations and offices – the United States, the European Union, and more. China is, of course, an important market.
In the first half of the year, the company’s revenue was estimated at 3.91 billion yuan ($539 million), an increase of 212 percent compared to the previous year. Its net income rose 465 percent year-on-year to 1.21 billion yuan.
Experts say China’s pharmaceutical sector has been driven to build strong innovation and research and development capabilities, as well as sustainable industrial and supply chains, to meet the demands of the healthcare sector, especially an aging society.
“Although China’s aging population is increasing, the country is deepening reforms in the health sector to stimulate the rapid development of industries such as drugs and vaccines, traditional Chinese medicine and medical devices,” said Chen Jia, an international researcher. Institute of Money, Renmin University of China, Beijing.
“This is an unparalleled driving force for the development of China’s pharmaceutical industry and supply chain,” he said, adding that only through quality innovation and supply reforms can China strengthen its pharmaceutical industry and supply chain to meet the growing medical demand of the aging population. society.