The healthcare industry in China is on the rise. Factors such as a growing middle class, a large aging population and greater instances of chronic disease, combined with the Chinese government’s commitments to healthcare investment and reform have attributed to this growth. Chinese government spending on healthcare increased by 27 percent in 2012. And, in 2011, China overtook Germany to become the 3rd largest pharmaceutical market with estimated value of $64 billion. By 2015, China is forecasted to be the 2nd largest market in Asia overtaking Japan in this space.
To meet this growing demand, last week, UPS officially opened our new healthcare facility in Hangzhou, Zhejiang Province, in China. This latest UPS healthcare facility in China is part of our commitment to continue investing in the country as needs for specialized healthcare logistics services in the region grow. We are also bringing our deep global regulatory expertise to the region and helping set standards as China increases its focus on greater supervision of drug distribution. The newly revised Good Supply for Pharmaceutical Products (GSP) was recently adopted at the executive meeting of the Ministry of Health in China and went into effect on June 1, which sets higher standards for drug distribution and quality management. We are looking forward to the continued growth and evolution of the healthcare industry in China, and we are excited to be a part of what’s next.
|Tags:||China, facility, Hangzhou, healthcare|