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h e a l t h c a r e f e b r u a r y 2 0 0 8 Seizing China’s pharma opportunity China’s pharmaceutical market is growing by upward of 20 percent a year, but global drug companies still must capture its full potential. Franck Le Deu, Rajesh N. Parekh, and Claudia Süssmuth-Dyckerhoff Article Demand for pharmaceuticals is rising throughout China, but multinational companies face at a a daunting task if they are to capture this new potential. The market’s magnitude and glance complexity are the main challenges. Multinationals will be able to extend their footprint in China only if they broaden their product range, reach deeper into the big cities while exploring new territory, and build larger sales forces in the face of intense competition for talent. Few people would dare call China the sick man of Asia. But a surge of diseases of affluence—including diabetes, breast cancer, and cardiovascular disease—is among the unfortunate side effects of a booming economy. Demand for drugs treating these and other health problems, combined with a rising level of income, is enlarging China’s pharmaceutical market by more than 20 percent a year and creating attractive opportunities for global pharma companies at a time when rates of growth in key European and US markets are decelerating (Exhibit 1). E X H I B I T 1 A growing demand While some multinational pharma companies are projecting near-term revenue growth of more than 30 percent a year in China, none have captured the market’s full potential. In a recent survey of almost 1,600 Chinese hospital doctors in 38 cities, we found evidence that companies are having trouble dealing with the magnitude of the country and the fragmentation of the industry and the market. While almost all major global companies have a presence in Chin