Event Report

Life sciences and pharmaceuticals have been major areas of growth for China in recent years. With pending regulatory reform likely to stoke further investment and heighten interest, The Legal 500 and GC Magazine in partnership with CMS Beijing, hosted a roundtable to consider the role of legal in promoting further growth.

A shift in China’s approach to drug review and approval was first on the agenda, as the impact of its implementation was discussed. Under the new system, drugs with ‘apparent clinical value’ – those which are innovative and unique, or innovative and their manufacturing will be transferred to China – are eligible for prioritised review and a smoother, faster path to market.

The shift required close interaction between legal and business, but representatives working directly in the sector – as well as those from firms specialising in life science investment – agreed that a streamlined process would increase the attractiveness and competitiveness of the domestic market.

China is already the world’s second largest market for pharmaceuticals, with biotechnology and life sciences target industries for government growth. A rise in startups was symptomatic of a country looking to diversify away from manufacturing and further into the innovation space, which was seeing a rapid maturity and diversity – but there was still a way to go. Those in attendance pointed to a lack of adequate regulation – particularly where it came to data use and investor protection – as potential roadblocks to future growth and areas of concern for counsel.

Look for a detailed write-up and interview with co-head of the CMS Life Sciences & Healthcare Group and Managing Partner of the Beijing Office, Nick Beckett, in the Autumn edition of GC Magazine.

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