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China’s life science market is growing. Opportunities for both multinational and local pharmaceutical companies exist due to both government support of the sector (by expanding health care accessibility, improving quality, and controlling costs) and an increase in demand (an ageing population and an increasingly affluent audience). This creates a good outlook for life science jobs in China. Read our top 10 facts about the Chinese Life Science market below:

  • Value of China’s pharma market estimated at $83.3bn in 2013
  • Revenues expected to grow by a CAGR of 6.3% a year between 2014 and 2018. By 2016, expected to surpass Japan to become the second largest market in the world
  • China accounts for 1.5% of the global drug market
  • The pharmaceutical industry in China has had an average annual compound growth rate of 16.7% between 1978 and 2003
  • Economist Intelligence unit forecasts 7.4% year-on-year growth of healthcare expenditure in China, reaching $680.4bn by 2018
  • In 2014, healthcare spending as share of GDP was 5.5% in China, compared with 17.1% in the US, 10.2% in Japan, and 9.1% in the UK
  • Domestic companies account for 70% of the pharma market, and top 10 global companies account for around 20%
  • Domestic companies’ share of China’s pharmaceutical market has grown 2.3% in the last 7 years
  • Most executives working in the Chinese life science market feel optimistic about the long-term prospects of the industry and that numerous opportunities exist
  • Bayer of Germany (inventor of Aspirin) began trading with China as early as 1882. The predecessor of AstraZeneca began trade with China in 1898

NES Global Talent have been a key provider in the life science market in China since 2009 and have dedicated offices in Shanghai, Shenzhen and Hong Kong covering mainland China, Hong Kong, Taiwan and Singapore. We work with some of the top pharmaceutical, clinical research and medical device companies and recruit across disciplines such as sales/marketing, research & development, clinical, medical, manufacturing, and support. You can view our latest positions here.

 

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NES Global Talent is proud to announce the strategic alignment between ourselves and the Fircroft Group to create NES Fircroft, one of the leading human capital solutions businesses for engineering and technical talent globally.