Chinese Biotech Companies Strategically Expanding in APAC/ASEAN Markets
- Written by Telegraph Magazine
HONG KONG SAR - Media OutReach Newswire - 22 December 2023 - KPMG China recently led a delegation of Chinese biotech companies' C-suite executives to explore opportunities in the rapidly developing APAC/ASEAN market.
The APAC/ASEAN region has emerged as a crucial destination for global biotech expansion, fuelled by the robust collaboration between China and APAC/ASEAN through the Belt and Road Initiative. This venture follows KPMG China's successful exploration of the Mid-East forum in May 2023.
During the six-day on-site forum from 4th – 9th December, 20 C-suite executives from Chinese biotech companies visited prominent institutions in Singapore and Indonesia, including the Singapore Economic Development Board (EDB), Agency for Science, Technology and Research (A*STAR), Garea technology, Rxilient Health Pte. Ltd. (Rxilient), DBS Bank, China International Capital Corporation (CICC), China-Singapore Suzhou Industrial Park Development, Indonesia's Ministry of Health (MoH), PT Etana Biotechnologies Indonesia (Etana), medical technology company UBC, Tigermed, CFLD, etc. These visits provided invaluable insights into local market dynamics, regulatory landscapes, R&D infrastructure, and clinical research facilities. The forum facilitated discussions on effective globalization pathways and implementation plans.
Frank Mei, Head of Enterprise Risk Services KPMG Asia Pacific & China and the Life Science Advisory Partner of KPMG China, shared insights on global pharmaceutical market development, the evolution and prospects of China's biotechnology innovation sector, and the rapid growth of domestic R&D over the past decade. Providing an overview of support from policies, capital, enhanced R&D capabilities, strengthened affordability, and potential business models for Chinese firms operating in APAC/ASEAN. Frank Mei was invited to deliver a keynote speech at the APACMed MTF China-ASEAN session, analyzing emerging trends in MedTech in the ASEAN market, the potential for Chinese enterprises, and strategies in building robust business development models. He emphasized KPMG China's strategic initiative to assist Chinese biotech companies in entering global emerging markets, providing comprehensive support throughout the entire lifecycle. During the visit to the MoH of Indonesia, Fran Hou, Life Science Partner of KPMG China, also elaborated the importance of collaboration within the ecosystem to enhance the patient experience.
The Chinese biotech delegation visited KPMG's Singapore and Indonesia offices, meeting with KPMG's global life science partners responsible for the EU, the UK, and the U.S in Singapore. Conversations focused on the growth and development of Chinese biotech companies in the global market. Going forward, KPMG China will continue to support Chinese biotech companies in navigating global emerging markets, contributing to advancements in the fields of innovation and healthcare.
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