Bayer HealthCare grows 14 percent in ChinaStaff writer ▼ | May 9, 2015
Bayer HealthCare reaffirmed its leading position in China's healthcare industry with sales of some 1.66 billion euros ($1.85 billion) in the country last year, a 14 percent growth from 2013.
Healthcare $1.85 billion for Bayer
"Our success in China is based on our company's innovation capabilities and patient-focused treatment options," said Alok Kanti, managing director of Bayer HealthCare China.
Based on a forecast by IMS Health, an agency that provides global information on the health industry, the pharmaceutical market in China will grow 9.3 percent from 2014 to 2019, compared to 6.1 percent globally over the same period.
"This is largely because of the size of China's market and its number of patients," Kanti said.
"As people age and as the economy becomes industrialized, disease profiles change," he said. "Despite existing technologies, there is a higher amount of unmet needs."
He pointed to hypertension as one example. One-third of Chinese adults suffer from the disease but only 34 percent of those patients receive treatment, a far cry from the United States, where 77 percent of hypertensive patents get treatment.
The second driver in the nation's overall growth is the central government's recognition of the importance of healthcare, which has led to "significant and rapid investment", said Kanti, who added that the Chinese government is focusing on medical infrastructure in rural areas and tackling diseases that can have a major impact on a small population, such as hemophilia.
Kanti said Bayer is looking at global diseases "where there is no cure today or five years ago" by making major investments in research and development to find cures. ■