China – Part of the Critical Path in Drug Development in the 21st Century
In the last thirty years the United States has led the world in the field of R&D as it pertains to the pharmaceutical and biopharmaceutical sector. However, as the economic pressures on drug development continue to increase, the drive to move R&D functions to emerging markets to take advantage of large talent pools and lower-cost labour is becoming increasingly attractive. In addition to US companies offshoring portions of R&D to emerging markets, several of these markets continue to invest heavily in their own biopharmaceutical sectors. This internal investment by emerging markets, coupled with external investments by multinational biopharmaceutical companies, will create formidable competition for US companies while simultaneously providing great potential benefits to those same companies. Of the traditional major players in the BRIC (Brazil, Russia, India, China) countries within emerging markets, Kent R. Thoelke, Executive Vice President, Scientific & Medical Affairs, PRA International, explains why China represents the greatest potential in the near term.