BMS to launch new diabetes drugs in China

International biopharmaceutical company Bristol-Myers Squibb will launch at least four new drugs to treat diabetes in China by 2015, the company said on Tuesday.

"Diabetes is one of BMS China's most significant businesses, we will launch four or more new drugs in China in the next two to three years," said Jean-Christophe Pointeau, president of BMS China.

The company wants to cash in on the market’s huge demand, as China has the world's largest population of diabetes patients — 92.4 million now and forecast to reach 130 million by 2030, analysts said.

Pointeau added that his company's efforts are in line with the Chinese government's policies to boost prevention and treatment of chronic diseases and expand medical insurance coverage.

The central government issued the China National Plan for Chronic Diseases Prevention and Treatment (2012-2015) last year, with diabetes as a top concern. According to the report of the National People’s Congress released early this month, China is to increase its healthcare expenditure by 27.1 percent year-on-year in 2013.

China’s diabetes therapy sector is seeing fierce competition. A group of leading drugmakers, including Sanofi SA and Novo Nordisk SA, are increasing their investment and R&D projects on diabetes treatments in emerging markets.