With India predicted to be among the top 10 drug producers by 2020 and China well on its way to becoming the third largest pharmaceutical market, just what does the future hold for the BRIC (Brazil, Russia, India, China) nations?
Asia, the world's largest continent, is home to some 4.1 billion people, representing almost 60% of the world's estimated population. It is unsurprising, therefore, that Asia is expected to double its share of global gross domestic product from 27% in 2010 to 51% in 2050.1
As the wealth of the BRIC nations improves and the ageing population increases, the demand for quality drugs is also boosted. The Asia Pacific pharmaceutical market is predicted to grow at a compound annual growth rate of more than 12% during 2011-2013.2
Pharmacovigilance in Asia is still in something of a development phase and, to a large extent, still varies from one country to another. Yet, drug safety and pharmacovigilance are now very much on the national agenda and are viewed as key components on the journey to becoming a First World nation. China's State Food and Drug Administration (SFDA) recently overhauled adverse drug reaction reporting and monitoring procedures, placing more emphasis on data analysis and evaluation, and putting additional responsibilities on manufacturers. Nostrapharmus believes that further regulations inspired by ICH will be established as SFDA consults with First World regulators, including EMA and FDA. There are already stirrings of a China risk management plan.
1www.adb.org/documents/reports/asia-2050/asia-2050.pdf
2www.businesswire.com/news/home/20110125006249/en/Research-Markets-Asia-Pacific-Pharma-Sector-Analysis
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