Zhou Xiaolan. (Courtesy Photo)

By ZHOU Xiaolan

The year 2024 marks the 75th anniversary of the People's Republic of China. It is also a crucial year for achieving the objectives outlined in the 14th Five-Year Plan (2021-2025). Throughout 2023, the Chinese economy recovered notably and there was substantial progress in achieving high-quality development. The Government Work Report presented at this year's Two Sessions established a target for China's economic growth at around five percent and outlined specific measures to attain this goal. This signifies the government's commitment to further stabilize the economy and propel growth. 

Since the 20th National Congress of the Communist Party of China in 2022, the government has intensified efforts for across-the-board opening-up at a higher level and created favorable conditions for foreign companies to innovate, invest, operate and grow in China, making them a significant driving force and an integral part of China's high-quality economic growth.

As one of the earliest multinationals in China, Bayer is focused on healthcare and agriculture, contributing to national strategic goals such as building a "Healthy China" and promoting "rural revitalization." In the area of healthcare, it has been launching innovative products to strengthen access to medical care. Over the past five years, it obtained approval for nearly 30 new prescription drugs or new indications in China, launching them in China and other parts of the world almost simultaneously. Bayer is also negotiating to have the new products included in the National Reimbursement Drug List to ensure as many Chinese patients as possible can benefit from them. 

The company is also striving to foster an ecosystem for innovation in China. For instance, in consumer health, Bayer has been expanding collaboration with multiple local companies and promoting academic-industrial partnerships over the past three years. It has launched more than 10 new products in areas such as digestive health, skin health and nutritional supplements. 

In agriculture, Bayer is driving transformations in the development of crop protection products. It is providing advanced technologies to support the vision for regenerative agriculture and promoting green and sustainable farming practices to contribute to sustainable and high-quality development of agriculture in China.

In recent years, Bayer has been increasing investments in China to honor its commitment to the Chinese market. Last year, it inaugurated an Open Innovation Center in Yizhuang, Beijing, the first of its kind in China. Simultaneously, Bayer's radiology division also established a plant in Beijing. Additionally, the construction of a new supply center in Hangzhou with an investment of over 300 million RMB from Bayer Crop Science and the government of Hangzhou's Qiantang district commenced last year. This center is anticipated to become operational within this year.

On the new journey ahead, Bayer will continue to pursue its mission of "Health for All, Hunger for None", and leverage its expertise and strengths in healthcare and agriculture to drive innovation and deliver more and better products and solutions for patients, consumers and farmers in China.

The author is the executive vice president of the pharmaceuticals division of Bayer AG.