Multinational healthcare companies are upbeat about the Chinese economy as well as further opportunities in the healthcare sector, and said they will deepen roots in the country.
"We have witnessed the vibrancy of the Chinese economy, and we are an integral part of China's development," said Zhou Xiaolan, executive vice-president at the pharmaceuticals division of Bayer AG.
This year marks the 75th anniversary of the establishment of the People's Republic of China. It is a crucial year for achieving the objectives outlined in the 14th Five-Year Plan (2021-25). Throughout 2023, China experienced a notable economic recovery and substantial progress in achieving high-quality development, she said.
"The Government Work Report presented at this year's two sessions established a target for China's economic growth at around 5 percent and outlined specific measures to attain this goal. This signifies the Chinese government's commitment to further stabilize the economy and propel growth," Zhou, who is also president of Bayer Pharmaceuticals China and Bayer Greater China, added.
The Government Work Report outlined major tasks for this year, which include striving to modernize the industrial system and developing new quality productive forces at a faster pace, better invigorating China through science and education, and continuing to deepen reform and pursuing higher-standard opening-up.
Susan Gu, general manager for the Chinese mainland and Hong Kong at consumer health multinational corporation Haleon plc, said: "We believe that the Chinese economy will continue to grow in a sustainable manner. We are particularly confident in the prospects of the health industry, which is driven by people's increasing focus on health, the growing middle-income population and the aging trend which leads to a rise in demand for health products and services related to the elderly."
On developing new quality productive forces in the healthcare sector, Li Xiaokun, a deputy to the 14th National People's Congress, academician with the Chinese Academy of Engineering, and president of Wenzhou Medical University, said: "A complete innovative ecosystem should be established to enable the seed of innovation to sprout and grow."
Healthcare MNCs also expressed high optimism regarding China's innovative environment.
Zhou from Bayer said: "In the area of healthcare, we have expedited the launch of innovative products to strengthen healthcare access. Over the past five years, Bayer has obtained approval for nearly 30 new prescription drugs or new indications in China, with these new drugs being launched in China almost simultaneously with the other parts of the world."
Shan Jizhong, senior director of MSD China R&D, said: "Over the past years, we were witnesses to the local government's efforts in supporting research and development and innovative drug reviews and approvals. Working with the local healthcare community, we are able to bring our first-in-class and best-in-class drugs to the Chinese market."
On China's business environment for MNCs, Zhou said: "Since the Party's 20th National Congress, the Chinese government has intensified efforts to enhance openness at higher levels across the board and has created favorable conditions for foreign companies to innovate, invest, operate and grow in China, making foreign companies a significant driving force and an integral part of China's high-quality economic growth."
Looking ahead, healthcare MNCs have said that they plan to continue investing in China, and further integrating their business strategies with China's strategic goals, such as Healthy China 2030.
Last year, Bayer inaugurated an Open Innovation Center in E-Town, Beijing, the first of its kind in China. Simultaneously, the Beijing plant of Bayer Radiology was also established. Additionally, the construction of a new supply center in Hangzhou, Zhejiang province with an investment of over 300 million yuan ($41.7 million) from Bayer Crop Science and the government of Hangzhou's Qiantang district commenced last year.
