As the world's second largest pharmaceutical market, China has provided huge opportunity for entrepreneurs to prosper and become billionaires, an article published by Forbes said.
According to the new Forbes list of China's 400 Richest, at least 30 people have made their fortunes in the healthcare sector.
On top of the list for a second year in a row and the wealthiest is Sun Piaoyang, the chairman of drugmaker Jiangsu Hengrui Medicine Co., whose net worth climbed from last year's $3.8 billion to $4.1 billion this year. He is now ranked number 42 on the list.
A report by the U.S. Department of Commerce said that China's pharmaceutical market is expected to grow from $108 billion in 2015 to $167 billion in 2020.
The market growth may be attributed to higher spending which will be brought about by rising per capita incomes, an aging population and greater access to healthcare. These factors may come into play with cost pressures and slower economic growth.
Zhao Tao, chairman of Shandong Buchang Pharmaceuticals, a company that makes traditional Chinese medicine to prevent cardiovascular disease, is the second wealthiest healthcare billionaire.
Buchang Pharmaceutical's application to go public on the Shanghai Exchange has been approved by Chinese regulators in July. The company earned nearly $1.1 billion in revenues in 2015.
Founded in 1993 by Zhao's father, Buchang, Zhao and his wife own more than 57 percent of the company. Zhao earned his MBA from Fordham University in New York City. He is No. 44 on this year's list, up from No. 367 last year. Forbes estimated his net worth at $900 million.
Other Chinese pharmaceutical firms owned by billionaires are also engaged in cross-border deals. One of these is Sun's Jiangsu Hengrui, which entered into a research agreement with The University of Texas MD Anderson Cancer Center in May to develop combination drug therapies and to do research for advancements in immunotherapy.
In Sept. 2015, Jiangsu Henrui also licensed a cancer drug candidate to Incyte, a U.S.-listed company.