Working in China
AusBiotech working with China
China is one of the fastest-growing and remarkable healthcare markets in the world. Its astonishing growth is largely attributable to the country’s increasing government spending, underpinned by robust economic growth, which has led to improved healthcare access and infrastructure, as well as the ongoing expansion of public insurance coverage and infrastructure for less developed parts of the country. Beyond the growth in government spending, patients’ ability to afford better medical care has increased – driven by the rapidly-increasing middle class – and an ageing population. It is also a complex and fast-changing environment, and most importantly it is a very different business environment to that of countries like Australia.
In-keeping with AusBiotech’s strategic plan to “harness the opportunity in rising Asian biotech development demand”, it has a number of projects and activities seeking to support Australian biotech and medtech companies seeking to engage in and with China.
With the recent signing of the China-Australia Free Trade Agreement (ChAFTA), the foundation is laid for the next phase of an economic relationship between Australia and China.
‘Medical diagnostics and devices to China’
AusBiotech’s ‘Medical diagnostics and devices to China’ project (2013 – 16) is an initiative to promote engagement and trade between Australian medtech companies and stakeholders in China. The project received funding from the Australian Trade Commission through the Asian Business Engagement (ABE) Plan*. It includes the resources and events outlined below, which have been developed to assist Australian companies to understand, engage with and trade with China.
The China Guide
AusBiotech has produced the ‘Guide for Australian Medical technology companies seeking to engage in China’ (the China Guide).
The China Guide provides information about IP management, information on business structures, the business, cultural and regulatory context and other information that a medical technology company may consider when developing their business plan for China. The China Guide does not intend to take the place of professional advice, but it is intended as a starting point for Australian companies interested in China.
The project was supported by in-kind support from major partners FB Rice and Deloitte and was informed by a select advisory committee of partners that also included: The Burnet Institute, Quintiles, L.E.K. Consulting, Brandwood Biomedical, Admedus, Duncan Hart Consulting and China BlueSky Partners.
The China business planning workshops
In 2014 and 2015, AusBiotech conducted three workshops in Brisbane, Melbourne and Sydney to assist Australian companies to develop their business plans for China. More than 30 medtech companies attended the workshops to consider and commence development of business plans to work in China. The workshops were provided by Deloitte, FB Rice, China BlueSky Partners, the Burnet Institute, Brandwood Biomedical and Zhongxia Xubo Lawyers.
AusBiotech Directory of Australian medtech companies
The ‘AusBiotech Directory of Australian medtech companies’ (the Directory) was developed to support small to medium-sized Australian medical devices and diagnostics companies that are seeking to engage with and in China.
Fifty Australian medtech companies opted to appear in the Directory, which was developed in Simplified Chinese and English by AusBiotech as part of its industry development work to support Australian medical device and diagnostics companies and promote them in China to potential partners and investors.
The Directory includes companies developing orthopaedic, neurology and cardiology devices as well as oncology and other diagnostics and wound care and hospital suppliers.
The online Directory was launched will be supported by distribution in China via partner China BlueSky Partners and distributed to Chinese companies and organisations via industry bodies and Government departments in Beijing, Shanghai, Nanjing and Hong Kong.
The project received funding from the Australian Trade Commission through the Asian Business Engagement (ABE) Plan*.
Directory of Known China Advisors
The final part of the larger project includes the Directory of Known China Advisors, launched by AusBiotech in 2016. This online resource includes contacts that are able to assist Australian companies in China or have specialist capacity on advising on China from within Australia.
Asia Biotech Invest
Each year in May or June, AusBiotech leads a delegation of approximately 30 Australian biotech companies to Hong Kong to profile investment opportunities to investors, attracting about 300 investors from China and around the region. Visit the AusBiotech Investment Event Series for details.
* The views expressed herein are not necessarily the view of the Commonwealth of Australia, and the Commonwealth does not accept responsibility for any information or advice contained herein.