Novartis, the Swiss pharmaceutical company, plans to submit 50 new drug applications in China over the next few years, as it projects faster Chinese drug approvals which could see the country overtake Europe to become its second-largest market.
China’s pharmaceutical market is undergoing a shake-up as approvals for new drugs accelerate while the government forces lower prices for off-patent branded drugs which have accounted for most of multinationals’ sales in the country.
Novartis expects to submit 50 new drug applications in China by 2023, which will be split roughly evenly between innovative and off-patent drugs, the company’s head of global drug development John Tsai said in an interview.
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