Roche bullish of its prospects in China
It has been three years since the first edition of the China International Import Expo. This series of stories highlights the achievements and changes that participating enterprises have experienced because of the annual expo.
Global leading pharmaceutical and diagnostic company Roche has been able to bring a host of cuttingedge technologies and innovative products into China within a short period because of the aid rendered by the China International Import Expo.
Despite the outbreak of COVID19 in early 2020, Roche, a threetime participant of the expo, has not slowed down its pace of innovation.
At the third expo in 2020, Roche showcased a wide range of innovative products and treatment solutions. Among them, a collaboration between Roche and the Hainan Boao Lecheng Pilot Zone received wide attention from media, industry and patient groups.
The two parties signed a memorandum of strategic cooperation at the 2019 CIIE. The preferential policies in the zone were critical in helping Roche develop their innovative drugs at a faster pace, said the company.
China is now the second-largest pharmaceutical market in the world and this is partly due to the CIIE playing an important role in accelerating the review and approval process of overseas innovative drugs, as well as deepening the reform of the pharmaceutical industry, according to industry insiders.
According to Roche, a number of its innovative drugs received fast approval from related government departments during the CIIE.
The CIIE is also an important platform to promote China’s opening-up policy as it serves as a bridge for communication between multinational companies and governments.
Through various activities and events organized, Roche has exchanged opinions with related government departments, and its concerns have also received attention. The result of this was a shortening of registration time and lower cost for local production at its Suzhou diagnostic products base, in turn enabling innovative drugs to benefit Chinese patients earlier, according to Roche.
Given the strong resilience of China’s economy and pharmaceutical industry, Roche said it is full of confidence in the Chinese market.
In October 2019, Roche announced the completion of its innovation center in Shanghai. With an investment of 863 million yuan ($132.2 million), it is Roche’s third largest research and development center in the world.
In April 2020, Roche invested an additional $180 million into the Roche Diagnostics Asia Pacific production site in Suzhou, Jiangsu province, which will produce molecular diagnosis and tissue diagnosis products.
Roche said it will introduce more innovative drugs and diagnostic products to China at a quicker pace to provide more patients with safe and effective innovative drugs and treatment solutions.
Roche said it will continue to participate in the CIIE and promote innovation. Meanwhile, it will be fully involved with the country’s new economic development paradigm — the “dual circulation pattern”, which has the domestic market as a mainstay with the domestic and overseas markets reinforcing one another.