Health

Chinese medicine: PRC invests $186M in new health tech

In its most recent funding plan, the People’s Republic of China has invested around $186 million in health-related technologies, including molecular, biochemical, immunological, and physical diagnostics and sensors as well as medical technology research.

Third-party firm Lux Research said this investment is spurred by a quickly aging population and the lack of a strong, domestic health industry.

Rather than continuing to rely on Western R&D, medicine, and equipment, Lux says China is shifting its strategies to create novel solutions tailored to meet the needs of non-Caucasian populations, especially when it comes to genomic research and drugs. The result is an emerging diagnostic landscape, funded by government and driven by lengthy research programs at universities.

“Sensor and diagnostic technology development in China is relatively immature, with the current market structure dominated by Western companies and multinationals,” writes Lux analyst Zhihao Yu in a summary of the firm’s full report.

“We see increasing research and investment in the form of research grants to clusters of universities and research institutes to look at biochemical, molecular, immunological, and physical based methods for diagnostics. While the commercial landscape itself is immature, the need for a robust diagnostics and sensors market for China is acute, and we predict rapid ramp up in the near future.”

Image credit: Gwoeii/Shutterstock

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