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An automated pharmacy in Shaoxing. Photo: Zhejiang Daily/VCG via Getty Images

American drug companies are rushing into the Chinese market, which is growing rapidly after the government beefed up its version of the FDA as well as its public insurance programs.

Why it matters: The Chinese pharmaceutical market could be worth $170 billion in just three years, according to Bloomberg. And because its health care system has been so closed off for so long, these changes will likely make the Chinese population much healthier.

  • “Twenty years from now, China’s going to have a market that’s comparable, or possibly bigger, than the U.S.,” health care fund manager Daniel Mahony told Bloomberg.

Until last year, China required drugmakers to replicate all their clinical trials in China. But now, the country is done with that requirement, is increasing the size of its FDA ten-fold, and is reducing its backlog of drug approvals — lowering it by 80% since 2014.

  • Most Chinese citizens are now covered by the country’s health care plan, which started covering 100 new drugs last year alone.

Go deeper

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

15 mins ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.

Updated 24 mins ago - Politics & Policy

Biden to attempt "emergency economic relief" by executive order

President Biden. Photo: Mark Wilson/Getty Images

President Biden will continue his executive action blitz on Friday, issuing two more orders in an attempt to provide immediate relief to struggling families without waiting for Congress.

Why it matters: In his second full day in office, Biden is again resorting to executive actions as he tries to increase payments for nutritional assistance and protect workers' rights during the pandemic.

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