Big pharma gets a boost as China speeds up new drug approvals

Beijing

FOR decades, Chinese patients have struggled to gain access to cutting edge medicines thanks to bureaucratic delays that have hamstrung drug development. Now, a sweeping government overhaul of drug approvals is poised to change that.

Beijing on Sunday announced new rules that will speed up approvals of medicines and medical devices, easing bottlenecks in introducing new treatments. The move is also a growth opportunity for international and local drugmakers in the world's second biggest pharmaceutical market.