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Main Subject - Chinese Business Culture
China is emerging as a global factory as more foreign investors are taping into its growing economy. Over the decade, China has grown tremendously fin
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ancially with a GDP of $2.225 Trillion. (2005 Est)
However, despite the growing economy of the China market, many foreign investors are frustrated wi
However, despite the growing economy of the China market, many foreign investors are frustrated wi
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
th the complications that come along. The locals in the China market have their own business style and many foreign investors find their years of expe
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rience in business administration failing in the China market. The China market may look like just a new emerging economy but one would need a lot of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
effort to enter into the China market successfully.
The Chinese business culture may seem complicated to the foreigners but all they need is to famil
The Chinese business culture may seem complicated to the foreigners but all they need is to famil
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
iarize themselves with the culture and they would be able to understand how the Chinese carry out their business. Here are some guidelines on how fore
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ign investors should do when entering the China market.
1. Understand China
The Chinese are very proud of their rich culture and their values have b
1. Understand China
The Chinese are very proud of their rich culture and their values have b
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
een passed down from generations to generations. Thus, the Chinese tend to carry out their business according to those beliefs and values.
Respect is
Respect is
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
an important virtue in China and thus, the Chinese business system involves respect to their superiors, staff and family. Thus, foreign investors hav
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
e to understand that they need to be respectful when talking to the Chinese.
The Chinese are also very concerned about “face”. The Chinese are very p
The Chinese are also very concerned about “face”. The Chinese are very p
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
articular on how others perceived them and if they are criticized in front of others or their incapability and mistakes are exposed in public, the Chi
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
nese will be very embarrassed and they would feel that they are unable to face others with their incapability.
2. Guan Xi
Relationship establishment
2. Guan Xi
Relationship establishment
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
and networking are very important to Chinese companies. The China market is like a big web where everything works when there are links and connection
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s. The Chinese believes that in times of trouble and needs, contacts would help them get help and resolve issues.
The Chinese uses the term “Guan Xi”
The Chinese uses the term “Guan Xi”
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
when referring to network and relationships with others. “Guan Xi” refers to any kind of relationships whether it is personal, business or with any g
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
overnment officials.
Good business relationship with others will allow the Chinese to share business tactics and analysis with others. Good governmen
Good business relationship with others will allow the Chinese to share business tactics and analysis with others. Good governmen
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
tal relationships will help the Chinese with administrative and legal procedures.
Many foreign investors do not have the correct approach when they t
Many foreign investors do not have the correct approach when they t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ry to enter the China market. The China market may be full of complications but if foreign investors know how to work their way in the China market, t
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
hey can have a successful entry into China.
One way to find out the correct approach would be to carry out research on China market and its consumers
One way to find out the correct approach would be to carry out research on China market and its consumers
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
or to approach a local party or organization to aid foreign companies into entering the China market as the locals have a better understanding of it.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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