Healthcare Industry in Shanghai: Changing Landscape

Healthcare industry in China is in the midst of growth, this industry was not even listed in top 10 but now it has made its mark and became dark horse in market. Shanghai has always remained China’s commercial and financial hub. Healthcare and pharmaceutical industry of China is one of the fastest growing industries of the world.

Regardless of being one of the fastest growing industries, healthcare, pharmaceutical industry in China is still an intricate one which is yet to uncover. To do so you need to apply proper strategies.  

Healthcare and pharmaceutical consulting in Shanghai can analyze and give you in depth report and plan a strategy to make profit for you. They have a group of skilled professionals with them who will be there to assist you.  To get the foothold in the market and reach your target audiences it’s the best to trust expert consultant. 

Consultancies provide solution for the new or upcoming organizations in this field and also to mature clients who are looking to expand. They will do a proper research and analysis of the market, then they will be making the best suited strategy for you and then they will implement them. Many big MNCs show huge interest in China’s health market. With the increase of healthcare consumers and pharmaceutical industry, many consultancies have also popped up and they provide good help for these organization. These firms have earned a position in the market and can be the best option to manage your business. This industry has the power to change the landscape of China.

Effective Strategies for Making Market Entry in China

The Chinese business environment is known to be dynamic. China has one of the fastest growing business sectors, and it is particular in its own essence. Businesspeople from all over the world are looking forward to starting or expanding their business in the country. However, it takes skills, long term planning and commitment to become successful in such a competitive environment. Foreign companies that can make the cut are highly rewarded. If you are thinking of making market entry in China, you would need to be armed with the right kind strategies that would help you reach your goals. 

If you are planning to take your business to the Chinese business capital Shanghai, you would first need to make a solid market entry strategy in Shanghai. If you are feeling clueless about how you should approach the matter, here are a few points to remember:

Regulatory environment: 

First and foremost, you must gather knowledge about the rules and regulations of starting a business in Shanghai. The Foreign Investment Industry Guidance Catalogue is responsible for regulating all kinds of foreign investment in China. It was last revised in 2011. You need to check it out for the updates. Both the Ministry of Commerce (MOFCOM) and the National Development and reform Commission (NDRC) of China are responsible for issuing this document.

Market assessment:

China, being a diverse country, has unique market segments. Consumer trends and behavior vary greatly from one segment to another. That is why you should never take trends in one of these segments to be common in all the other segments. In order to understand the Chinese market better, performing a thorough market assessment is absolutely necessary.  A market research will reveal valuable data that are crucial for the success of your business.

The Lucrative Pharmaceutical Market of China

The pharmaceutical industry in China is on a rising curve and is leading on the international platform. The Chinese health sector has grown to a robust industry of $357 billion at present and is poised to grow to $1 trillion in 2020. It covers a wide range of synthetic chemicals, drugs, medical devices, instruments, hygiene materials, packing materials and pharmaceutical industry. Research and development has increased swiftly and foreign health institutions and companies have captured 20% of its overall sales. 

Three key factors that shape the market of healthcare industry in China are the continuation of economic and demographic trends; policies implemented by the Chinese government’s 12^th five year plan and advanced healthcare reforms. Continuing urbanization and income growth have also contributed to its growth. This positive picture implies that the government is now more focused on healthcare as a social responsibility. Healthcare expenditures in China have doubled and form almost 5% of the country’s GDP. Both the traditional and the pharmaceutical companies in China have benefitted in the recent years. 

Multinational companies show huge interest in China’s pharmaceutical market today due to effective healthcare reforms, the government’s commitment to constant innovation and several tax incentives. Various multinational health firms are setting up research and development centres in China.  The manufacturing organizations in China have successfully met the international standard in the quality of their pharma products thus attracting more international investment. 

With the rising demand for pharmaceuticals the big health firms in China have triggered the process of health consumerism. Since more international health institutions and healthcare firms want to invest in China there have been a growth of consulting companies too. These pharmaceutical consulting companies in China with their team of researchers and highly trained analysts work to provide new firms an idea of the Chinese market. They provide detailed study reports to the international firms on Chinese consumer behavior pattern and demands. Currently these firms have earned great reputation with renowned international health firms and helped expand their business in China. Soconsult the leading healthcare consulting firms in China and prepare yourself to foray into the Chinese healthcare market.