Certain industries have reduced their presence and or reliance on the Chinese market in 2023, but Big Pharma isn’t one of them, according to reporting from the Wall Street Journal.
The company’s aging population, an increasing share of the which is living with a chronic lifestyle disease, makes for an attractive market. China also boasts a wealthier middle class that cares more about health, per reports.
That’s led to pharmaceutical giants such as AstraZeneca reaching multibillion dollar deals with local companies in China, despite rising tensions between China and the US.
In fact, should those tensions come to a head, AstraZeneca has reportedly made plans to spin off its business in the country, according to the Financial Times.
The company isn’t actively moving in that direction, but an executive described it as a rainy day plan, according to reports.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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