BRISTOL-MYERS Squibb expects sales of innovative drugs from new compounds to contribute almost 90 percent of its revenue in China by 2017 as it raises research and development efforts in the country, a senior executive said.

"BMS estimate sales from innovative compounds will make up about 90 percent of our sales in China within six years compared with 40 percent in 2011," Jean-Christophe Pointeau, president of BMS China, told Shanghai Daily in an interview yesterday.

The United States-based biopharmaceutical company yesterday announced a new tie-up with Nanjing-based Simcere Pharmaceutical Group to co-develop a cardiovascular compound, the second such project between the two firms since the end of last year.

BMS said it plans to introduce three new prescription drugs in the Chinese market in the next two years to treat various illnesses including diabetes and cardiovascular diseases. It had said earlier it will launch at least five new products in the market by 2020.

"We're committed to carry out collaboration in R&D activities together with companies and focus on sectors such as hepatitis, cancer and immunology diseases," said Mark H. Pavao, president of BMS Emerging Markets and Global Access.

Healthcare market researcher IMS Health expects China to become the world's third largest pharmaceutical market in 2013, with total market size estimated at US$50 billion this year.

Within a decade, China is set to become BMS's second or third largest market globally. It is now the company's eighth largest market by revenue. BMS has seen China sales grow an average of 10 to 15 percent annually in the past few years.
 

Source:shanghaidaily.com