Pharmanovia to boost investment in nation

With plenty of opportunities, China is expected to grow faster than other markets for United Kingdom-based global pharmaceutical company Pharmanovia, said a senior executive in an exclusive interview in Shanghai on Friday.

Such continuous growth comes after China had already been the drugmaker's No 1 market globally since 2023, accounting for roughly 25 percent of the company's total sales, said James Burt, CEO of Pharmanovia, which was founded in 2013 and started business in China in 2018.

"It's quite unusual for a Western business to have its biggest market in China. However, we see plenty more potential in this country," said Burt.

"So we're going to continue to invest in China over the next five years. We see upwards of more than $40 million a year in the activities that we're doing in the China market. And over the next few years, it could easily be in the hundreds of millions," he said.

There are some structural reasons that make China one of the most appealing markets in the world for pharmaceutical companies, said Burt. They include the innovative nature of healthcare here, unmet needs and the fact that value-added drugs are well-perceived here.

Also, China has one of the most advanced e-health platforms, which gives amazing opportunities to improve medical care, he said.

Ian McAleer, general manager of Pharmanovia China, also said that the company's investment is going to continue to focus on China. "I don't think that the contribution of China being the No 1 market for Pharmanovia is going to change in the foreseeable future," he said.

Jin Chunlin, director of the Shanghai Municipal Health Development Research Center, said the aging process in China and the increasing demand for the treatment of major and rare diseases have also made the market more attractive for innovative drugs, which attracts domestic and foreign pharmaceutical firms alike.

"China's new drug approval and public medical insurance policies have been inclined to support truly innovative pharmaceutical companies in recent years. From 2017 to 2023, the number of innovative therapies going to the market has increased significantly, and the rate of innovative drugs included on the national medical reimbursement list is increasing," he said.

Pharmanovia has marketed two products — both in the bone health segment — in China so far, and plans to roll out products from its other therapeutic areas, including endocrinology, neuropsychology, cardiovascular and oncology, for Chinese patients, said Burt.

"Within the next six to 12 months, there could be another two or three products that will be effectively helping support China. And by 2027, we could have a range of 10-plus products in China with bone health as a focus," he said, adding that the company owns at least 25 core brands globally.

Official statistics showed that there are around 90 million people suffering from osteoporosis in China.

"But the patients are not diagnosed and treated enough. If osteoporosis is not treated properly, there can be a big cost to the nation as people have spinal fractures or hip fractures. The unmet medical need is there, and we feel we can do a lot to help," said Burt.