Policy Planning to Support Technological Innovation in the Pharmaceutical Industry

Abstract

The pharmaceutical industry is often characterized as a research-driven sector because of its exceptionally high ratio of R&D inputs to sales. Development of novel drugs is very difficult because of several issues including heavy investment, high risks, and long development cycle. Government plays an important role in regulating the development of the pharmaceutical industry. This is true for all phases in pharmaceutical development: from R&D to market. This chapter will focus on the discussion of prospective high-tech areas, development strategies, and innovation resources in the pharmaceutical industry. Expert opinions were analyzed based on the conditions in China's biopharmaceutical sector. Policy recommendations are provided to support technological innovation.