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Chinese pharma firms lobby for mutual recognition of drug regulations at regional forum 2022-09-18
Chinese Pharma Firms Lobby for Mutual Recognition of Drug Regulations at Regional Forum
Chinese pharmaceutical companies are appealing for mutually recognized drug regulations within the Shanghai Cooperation Organization, which includes China, Russia, Kazakhstan, Kyrgyzstan and Tajikistan, in order to allow the quick access of medical products into each other's markets, industry insiders told Yicai Global.
Even though China ranks second in the world in terms of the number of experimental drugs under development, Chinese drug developers face difficulties in getting their products recognized overseas due to differences in international regulations, said the insiders, who attended a pharmaceutical cooperation development conference held by the Shanghai Cooperation Organization in Beijing on Sept. 8.
The conference, organized by the SCO Good-Neighborliness, Friendship and Cooperation Committee, the SCO Secretariat, the Republic of Uzbekistan's Embassy in China and the China Pharmaceutical Innovation and Research Development Association, is proposing advancing international cooperation on drug reviews and regulations, realizing mutual regulatory recognition and market co-prosperity. It is the SCO's first meeting on medical cooperation.
Lack of mutual recognition of drug regulation is the biggest bottleneck under the SCO's pharmaceutical partnership framework, said Liu Dianbo, board chair of Luye Life Sciences. Most Chinese firms conform to developed nations' standards in drug R&D and manufacturing. If the SCO can make a breakthrough in recognizing member nations' drug regulations and registration processes it will enable fast access to each other's markets, he added.
Chinese innovative drugs are high quality and cost less than those developed by firms in Western developed countries, said CPIRDA Chairman Song Ruilin. Chinese pharma companies are willing to join hands with governments and businesses in SCO member countries to realize win-win co-operations through various forms such as technical partnerships, market expansion and factory investment.
China has been the world's second largest drug market and the biggest bulk pharmaceutical chemicals producer and exporter since 2015, said Liu Jingqi, deputy head of the Department of Science, Technology and International Cooperation under the National Medical Products Administration.
The country has 7,600 drugmakers and more than 29,000 medical apparatus and instruments manufacturers and boasts a relatively complete pharmaceutical innovation ecosystem, Liu said. The proportion of R&D spending has increased to more than 20 percent from 10 percent of total expenditure among some firms.
Source: Yicai
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