It's boom time for China's biotechnology as China's traditional superiority in alternative medicine and progress in biotechnology is capable of extending industry with other countries.
Bernama published news relating to the combination of China's traditional superiority in alternative medicine and Malaysia's progress in biotechnology being capable of extending bilateral trade already ascending record heights.
For this purpose International Trade and Industry Minister Datuk Seri Rafidah Aziz urged Malaysian biotechnology companies to collaborate with China's research centers specializing in development of agricultural and herb-based medicines. In the news published by Bernama.com, the Minister pointed out, "Combining the vast resources in Malaysia and the technical expertise from China can lead to substantial mutual benefits for both countries."
The emergence of China's biotech industry can mainly be credited to favorable policy changes, increased program funding, decreased labor costs, and reorganization of China's science and technology system. There was also quality improvement in China's talent pool with biotech trained Chinese returning from overseas. Setting up high-tech zones has contributed towards having key infrastructure and tax incentives in order.
With large investments in various major Chinese cities like Shanghai and Beijing, there is increasing interest in biotechnology joint-ventures with western organizations apart from escalating demand for biotechnology-related consumables, research and development (R&D) equipment and supporting technology.
The Chinese Government together with information and communications technology has also prioritized biotechnology. The government is actively participating in promoting incentives, development programs, education and training, research, and development & commercialization of new products, technology and services.
The belief of some industry experts is that there will be continuation in the per capita income growth due to the speed of China's economic development, mainly in major urban centers. Well off citizens are increasingly concentrating on improved healthcare products and services. Thus biotechnology growth is likely to continue at over 10 per cent annually over the next five to ten years.
According to a research analyst at RNCOS, opportunities for biopharmaceutical and generic products in China are numerous. As a location, China also proves ideal as a base for a global biologic generics player. Manufacturing bases in China have already been initiated by global companies, the likes of Dragon Pharmaceuticals Inc. of Canada and the United Kingdom's GeneMedix plc. Excess capacity and reduced margins make many Chinese biopharmaceutical manufacturers prime contenders for partnerships and acquisitions.
Related Market Research Reports:
China Healthcare Sector Analysis
Asia Pacific Biotechnology Market (2008-2012)
Booming Pharma Sector in India
