Sanofi reported that while revenues in the Asia-Pacific (APAC) grew by 17.8%, nearly 66% of that rise is attributed to the China market, which itself grew by 22.3%.
China has become an important driver of revenue growth for the French drugmaker, as the second largest individual market for Sanofi’s medicines, growing at double-digit rates since 2010.
According to Olivier Brandicourt, CEO of Sanofi. the new global business unit structure enabled the French drugmaker to optimize growth opportunities in ‘China & Emerging Markets’ and to adapt to the pressures in Primary Care.
“Based on our performance in the first quarter, we remain confident in the growth outlook for our business over the rest of the year despite challenging industry dynamics,” said Brandicourt.
Last year, Sanofi invested $75 million in a research & development operations hub to help the French drugmaker manage global clinical trials across all of the pharma’s major therapeutic areas, which falls in line with recent efforts by the government of China to lower historical hurdles to clinical development.
Sanofi currently has nearly 600 new job openings in China, primarily focused around marketing, strategy, and sales, all of which further the Smart Evidence Generation initiative.