The Financial Time reports that Novartis (NYSE:NVS) expects to file 50 applications for drug approvals in China by 2023, about evenly split between on-patent and off-patent medicines.
China regulators have approved 24 of the company’s drugs in the past two years. Its top seller there is leukemia med Gleevec (imatinib mesylate).
The historical time lag from U.S. approval to China approval used to be as long as six years but now is only a matter of months.
According to Citigroup, NVS has filed more drug applications under China’s priority review system since 2016 than any other foreign firm.
NVS drug development chief John Tsai believes that research capacity in China is approaching the U.S. while chemical identification could catch America in the next 5-10 years.
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