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Healthcare & Life Sciences in China – Towards Growing Collaboration Healthcare & life sciences in China – Towards growing collaboration KPMG Healthcare and Life Sciences kpmg.com/cn Introduction Healthcare and life sciences industry is a broad one and involves a wide range of disciplines. In this report, we mainly focus on three sub-sectors in China — pharmaceuticals, medical devices and drug distribution. Developments in these three segments have the potential to impact global trends and enhance the quality of life of China’s citizens. Healthcare and life sciences in China is in the midst of Now, healthcare and life sciences in China is poised for hyper growth. The industry has transformed itself from a significant paradigm shift, with foreign and domestic a loose grouping of inward looking domestic companies companies eyeing each other’s territories. In future, it into an aggressive player with a global impact. Fueled is possible that both will compete in similar markets, by the government’s ambitious healthcare targets and but, despite intensified competition, there will also be a policy backing, domestic and multinational companies greater degree of collaboration and consolidation. are enthusiastically positioning themselves as vital links Foreign enterprises are determined to harness the in the global life science supply chain. vast potential of smaller cities, towns and grassroots As the pace and volume of activity picks up, enterprises markets and to penetrate the lower-end segment. To are behaving in a more mature and far-sighted manner. jumpstart this process, they need to collaborate with Healthcare & life sciences sub sectors are characterised local companies who have strong market penetration by rapidly expanding sales in pharmaceuticals and and formidable regional networks. medical devices and an evolving distribution system Chinese enterprises, on the other hand, are keen to eager to reach remote markets and achieve economies expand their portfolio of low-cost goods and move of scale. towards products that bring them higher margins. More exciting developments are happening at the Financing for these next generation launches is relatively back end — research and development is undergoing easy to acquire. Backed by funding from previous systemic change due to greater collaboration between operational profits, the capital market, private equity foreign and domestic entities, investors are making houses and venture capital, companies are now able to smarter choices and, most significantly, mergers and spend more on R&D to launch more lucrative products. acquisitions, which were dipping, are set to enter a new Smarter Chinese firms are also forging partnerships with period of growth. foreign companies, looking for domestic joint ventures and going overseas in search of technical upgrades. Industry players — both Chinese enterprises and multinational companies (MNCs”) — are changing their This document is intended to provide a pathway to business models to suit their long-term targets. Until changes that are already occurring and will likely affect recently, companies operated within their specific the healthcare and life sciences industry in China in the areas of strength, avoiding any overlapping of market coming years. As the industry is maturing and offering a segments. While Chinese entities focused on the mass more level playing ground, we anticipate an increasing market, providing basic products formns of people with number of the healthcare and life sciences firms in low purchasing power, foreign multinationals aimed for China working to achieve faster and smarter, embracing the high-value segment serving the wealthier urban exciting opportunities and challenges. centres. Norbert Meyring Rainbow Wang Andy Qiu Asia Pacific and China Sector Partner Director Head Life Sciences, China Corporate Finance Corporate Finance Sector Head Healthcare KPMG China KPMG China © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. Contents Healthcare & life sciences: Changing landscape 1 1. Boom in healthcare and life sciences 2. High growth through collaboration Mergers & acquisitions and joint ventures: 15 Emerging model for smarter growth Incubating a healthy future 31 © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 1 | Healthcare & life sciences in China – Towards growing collaboration Healthcare & life sciences: Changing landscape © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. Healthcare & life sciences in China – Towards growing collaboration | 2 © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 3 | Healthcare & life sciences in China – Towards growing collaboration 1. Boom in healthcare and life sciences China is set to become a crucial player in the healthcare and “Looking forward, we assume there will be 18 to 20 percent life sciences industry and, within a decade, is expected to be annual growth in Chinese drug spending through 2015,” a global leader in drug discovery and innovation. According to said Norbert Meyring, head of KPMG Life Science in China the Ministry of Health, the country will generate healthcare and Asia Pacific, “healthcare & life sciences sector in China opportunities worth over USD 500bn by 2014-2015. Along will maintain a scorching pace due to demand generated with the rest of the economy, China’s healthcare & life by robust economic growth and a rising middle class.” sciences market has grown dramatically, now accounting for Other reasons, including government support, urbanisation 5.6 percent of the global market.1 pressures and changing lifestyles, as well as an ageing population and increasing awareness of the need for quality Healthcare spending — including pharmaceuticals, medical healthcare, are also key drivers of the industry boom. devices, distribution, hospital, pharmacies and insurance — currently accounts for less than six percent of GDP, but the figure is expected to increase to almost 10 percent within 4 years. This remains low compared to nearly 18 percent in the United States and nearly 12 percent in Western Europe, but provides ample scope for high rates of growth in the future.2 Government/Private Healthcare Expenditure (US$ bn) 104.5 104.7 2008 2008 134.8 122.0 2009 2009 159.7 138.3 2010 2010 193.3 164.6 2011 2011 222.8 187.6 2012F 2012F 249.2 207.7 2013F 2013F 274.0 225.8 2014F 2014F 304.5 248.1 2015F 2015F 338.1 272.5 2016F 2016F 050100 150200 250 300 350 050100 150200 250 300 Government healthcare expenditure Private healthcare expenditure Source: BMI Report, December 2012; China Life science 2012: From Local to Global; EIU; Press Articles 1 China Life Sciences Industry 2012, Adroit People 2 America’s stunningly overpriced healthcare system, 2nd Dec 2012, Business Insider © 2013 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. Healthcare & life sciences in China – Towards growing collaboration | 4 Reasons for the healthcare & life sciences boom High growth and vast middle class - The creation of mega-cities with populations in excess - GDP is forecasted to grow at around 8 percent in 2013; of 20mn is leading to enormous healthcare challenges. projected to be world’s largest by 2016.3 The prevention of disease is crucial in such high-density environments, and there is a growing need to tackle - Middle class to reach 700mn by 2020, indicating high ailments arising out of sedentary lifestyles and changing potential for upgraded healthcare demand. 4 diets. Government support for universal healthcare Aging population and increasing awareness of healthcare - The primary mega force driving healthcare & life sciences - China’s ageing population is a significant factor. At least is the government’s determination to provide quality 185mn people are now over the age of 60 (13.7 percent healthcare for all citizens, which led to the sweeping health of the population). A substantial increase in spending reforms of 2009. on pensions and social security will result in a relatively - The 12th Five Year Plan is another important
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