Asia Toughing Uncertainties Out the and Challenges.

For many looking back at 2023, the word of the year would probably be “uncertainties.” There have been lingering uncertainties about another pandemic, the ongoing wars and atrocities, and the precarious footing of the global economy.

Asia’s life sciences industry has not been immune to the headwinds and uncertainties. For most sectors, ranging from pharmaceuticals to medical devices to CROs and CDMOs, there have been ever more cost pressures from customers and payers. These strains are coupled with capital market volatilities, uncertain demand outlooks, and many last-minute cancellations.

Welcome to the era of the New Normal. As much as we wish otherwise, many of the uncertainties will not vanish. In fact, there could be more geopolitical, social, economical, and industry specific challenges on the way. But it’s not the end of the world.

Indeed, the life sciences industry in Asia has weathered the storm with remarkable resilience and resourcefulness over the past year.

For one thing, Asia continues to be an important engine for cutting-edge innovations.

Take CAR-T for example. Legend Biotech scored regulatory approvals across all major markets over the past year. And by joining force with JNJ, its Cilta-cel has achieved $3.4 billion global sales in the first three quarters of 2023. More recently, Legend signed another CAR-T deal with Novartis for $100 million upfront and over $1 billion milestones, making a bold bid for solid tumors.