Pharma companies undergoing critical transformation

China's pharmaceutical industry is undertaking a critical transformation toward high-quality and innovation-focused development, reflected by the explosion of new drug and clinical trial approvals in recent years, according to global consultancy firm McKinsey.

The transformation is being driven by factors such as a rapidly aging society, higher healthcare demands, drug regulation reforms, and increased investment inflows, said McKinsey.

"Healthcare is one of the most exciting sectors in China, growing above 10 percent annually," said Franck Le Deu, a senior partner at McKinsey.