Global drug development and international harmonization: The emergence of China as a world pharmaceutical player

The People's Republic of China represents a rapidly expanding pharmaceutical market with the potential to become a major player in pharmaceutical development. As the Chinese government moves forward in its campaign to build a modern pharmaceutical industry, it is instructive to examine issues in global drug development. This paper reviews various factors that have an impact on new drug development, including time and cost estimates for bringing a new product to market, and considers several global initiatives designed to facilitate pharmaceutical innovation.