With an array of new medicines and medical devices on display, global medical companies are looking to tap further into the huge Chinese market at the ongoing China International Import Expo (CIIE) in Shanghai.
The 7th CIIE, which runs from Nov. 5 to 10, has attracted virtually all the world's top pharmaceutical and medical device companies, including Abbott, Siemens Healthineers, Bayer, Lilly, Novartis, GSK, GE HealthCare, Edwards Lifesciences, AstraZeneca, Roche, Pfizer, MSD, Gilead Sciences and Johnson & Johnson.
The companies bring their newest products -- vaccines, medicines for cancer, HIV/AIDS, cardiovascular disease, diabetes, asthma and even influenza, as well as magnetic resonance imaging equipment.
Roche took the opportunity to promote its star antiviral drug for influenza, Xofluza, by inviting doctors to share their experiences of treating the flu with visitors. Novartis launched a partnership with GE Healthcare on oncology diagnosis and treatment.
Johnson & Johnson signed a strategic collaboration with AIER Eye Hospital Group and Abbott signed a partnership with China Nonprescription Medicines Group.
These are just a few of the many deals and partnerships that the medical giants have already secured just halfway through the six-day event.
Executives from these medical giants said they are committed to the Chinese market, given its huge population, and are continually investing in production facilities and research and development in the country.
China, with a population of more than 1.4 billion, has a rapidly aging population, leading to a growing demand for medical services.
Fanny Chen, vice president of Abbott Core Diagnostics, said the American healthcare company hopes that the spillover effect of the CIIE will help bring its new products to the market sooner to benefit Chinese patients and clients.
Abbott, widely known to Chinese consumers for its baby formula products, is participating in the CIIE for the fifth time. It is exhibiting some of its latest products in diagnostics, medical devices, nutritional products and pharmaceuticals.
"China is a vital market for us," said Chen. "There is a substantial market opportunity here, and we also appreciate the established infrastructure tailored for the Chinese market."
Lena Wang, vice president of Siemens Healthineers Greater China, said CIIE is a great platform to showcase the latest products and have in-depth exchanges with governments and medical institutions for potential partnerships.
"With CIIE, medical professionals and even the general public can get to know our products in a short time," Wang said. "We also hope that through the platform, our new products can reach Chinese patients sooner."
The German company, which has exhibited at all seven editions of CIIE since 2018, has full confidence in the Chinese market and will continue to invest and strengthen innovation cooperation with local partners in China, Wang said.
Other executives shared a similar commitment to the Chinese market.
Nelson Ambrogio, head of Bayer's radiology business, said the Chinese market is growing because of the increasing need for diagnostic procedures.
China will continue to be a key strategic market for Bayer, Ambrogio said. "We are making investments and we continue to make investments."
U.S. medical device maker Edwards Lifesciences has brought more than 10 products to CIIE this year, including surgical valves and transcatheter heart valves.
"China market is one of the most attractive markets for Edwards," said Leo Tam, senior director of the business unit of Transcatheter Aortic Valve Replacement, Edwards Lifesciences China, citing a lot of unmet patient needs in the country.
