The biopharmaceutical services provider has launched a new China Advisory Service. The offering includes overall strategy, agency engagement and agreements, early development, clinical operations, and regulatory, market access, and commercial strategies support.
Several regulatory changes in China over the past few years are expected to accelerate drug development timelines.
Earlier this year, the Chinese Premier Li Keqiang announced several developments during an executive meeting of the State Council of the People's Republic of China last month. Of the highlighted developments, plans include those “to enhance quality supervision,” establish “intensified on-site inspection of foreign drugs’ production,” and double down on counterfeit drugs, according to the release from the State Council.
China also now accepts clinical trial data from other countries following a new guideline released last year that aims to reform the management of clinical trials.
Over the next 10 years, the Chinese market is expected to see “high growth,” as health care currently accounts for just 7% of the overall government expense – leaving room to expand, Mingping Zhang, vice president, technical, Parexel Consulting, told us in June.
The Chinese pharmaceutical market recently outpaced Japan to become the second largest market globally.
Parexel has been operating in China for more than 19 years and employs more than 1,400 employees in seven offices across the country.