Boehringer Ingelheim confident of its China prospects

Boehringer Ingelheim remains confident about its future business development in China, which it considers to be one of its most important markets and a source of innovation, company executives said during a media briefing in Shanghai on Thursday.

The German pharmaceutical company saw a 10.5 percent increase in its global sales despite a slight fall in China revenue, which fell 8.9 percent from the previous year, according to its 2022 annual report which was released on Wednesday.

BI said the drop in revenue in China was largely due to the COVID-19 pandemic.

"We are confident in future growth and believe we will see better numbers in 2023 because of the removal of all the restrictions," said Dr. Pavol Dobrocky, president and CEO of BI China.

Dobrocky said the company is committed to a long-term presence in China and will focus on three key aspects – innovation, digitalization and sustainable development – to drive the company's future growth in the country.

In the next five years, BI will invest more than 90 million euros ($97.85 million) in China to expand its production bases and upgrade existing technology, said Dobrocky.

"China is seen as a focus market because it offers a huge opportunity for our innovation to benefit many patients as there are many unmet medical needs, as well as opportunities in innovation and digitalization," he added.

Despite the impact that COVID-19 had on the market last year, BI nevertheless managed to achieve several major breakthroughs in China. In December 2022, the company's innovative rare skin disease medication, Spevigo, was approved by China's National Medical Products Administration, making it the first innovative drug developed by a multinational pharmaceutical company to be registered and approved almost simultaneously in China and around the world.

In 2022, the company also delivered a series of unique digital solutions in China, including Consanas Cloud, a digital platform that provides physical and occupational therapies as part of home-based rehabilitation training for stroke patients with mild and moderate symptoms.

BI China also saw its human pharma production and supply site in Zhangjiang, Shanghai become the first carbon neutral pharmaceutical plant certified by both Guangzhou Emission Exchange and TUV Rheinland last year.