China drugmaker Sino Pharmaceutical <1177.HK> reported on Monday a 7.6 percent increase of net profit to HK$1.9 billion in 2016 compared to last year amid strengthening online distribution channels.
The oncology medicines contributed 11 percent of the company’s revenue with a slight growth of 1 percentage point. Shoufu tablets, drug for colorectal cancer launched in 2014, surged by 67 percent compared with last year.
Chinese government released last year a pharmacy industry plan to boost research and production of treatments for oncology. The expenditure in research and development (R&D) of the company rose by 23 percent, accounting for around one tenth of the revenue.
It was estimated to have around 21 million new cancer cases globally by 2030, according to the International Agency for Research on Cancer. Biopharmaceutical companies including Pfizer Inc. and AstraZeneca also said to raise R&D expenditure in their oncology pipelines.