BEIJING - Bayer Schering Pharma China, the pharmaceutical subsidiary of Germany-based Bayer Schering Pharma AG, expects to see strong sales growth this year on demand from Chinese patients and new product launches.
Chris Lee, head of Bayer Schering Pharma China, said an increase in research and development activities to introduce new treatment options would cement the company s foundations in China. [File photo]
Chris Lee, head of Bayer Schering Pharma China, said an increase in research and development (R&D) activities to introduce new treatment options would cement the company's foundations in China. Bayer Schering has allocated more than 100 million euros over the next five years for research and development activities."We are excited to see above market growth in China for Bayer Schering Pharma. We hope to grow our business faster than the market for many years to come," he said.
The Chinese pharmaceutical market is expected to grow at a compounded annual growth rate of 23 percent from 2003 to 2012. By 2013, China is projected to be the third largest pharmaceutical market in the world.
An aging population, unhealthy diet, smoking and obesity will drive demand for pharmaceutical products as these factors are also the main cause of cancer. China's population aged 50 and over will reach about 500 million people by 2020, according to a report by consulting firm McKinsey.
Last year, Bayer Schering Pharma launched three new products and 20 clinical trials in China, Lee added.
The fastest growing Bayer Schering Pharma products include Glucobay, a diabeties drug, which showed 28 percent sales growth last year to 143 million euros. Another strong performer was high-blood pressure treatment Adalat, which soared 39 percent to 101 million euros in 2009 sales.
The healthcare conglomerate is planning to introduce new products in the area of speciality medicine, women's healthcare, diagnostic imaging and diabetes care in China this year.
To provide patients with earlier access to innovative medicines, Bayer Schering Pharma opened a R&D center in Beijing last year. The center will allow Bayer Schering Pharma to better supervise pre-clinical and clinical development in the region as it taps into an integrated network of science researchers and helps include more Chinese patients in the early phases of clinical trials.
The center also aims to accelerate drug approval timelines in China and enables the company to stay in tune with the needs of local regulatory authorities.
Bayer Schering Pharma reported its sales grew by 28 percent to 530 million euros in 2009.
