Takeda Pharmaceutical Co Ltd said it is on track to make the China market its second-largest globally by 2030.

Ramona Sequeira, president of Takeda's global portfolio division, said during the fifth China International Import Expo that China's high-standard opening-up is a big positive.

"China is one of our strategic markets and key growth driver for Takeda globally. It has potential and significant opportunities for growth and they are closely aligned with Takeda's ambitions.

"We continue to bring new medicines to China, making them available to Chinese patients. Within the next decade, China will become our second-largest market after the United States."

Sequeira said the company's global portfolio division was formed to find a way to have an impact on the world with Takeda's medicines, by making them available to as many patients as possible.

"We have made targeted investments as the local operating environment continues to reward innovation. Specifically, we will further build our capabilities in China, through new product launches, and talent development for the entire globe," she said.

The CIIE, she said, has played a role in fast-tracking local regulatory approvals for several of Takeda's innovative drugs and breakthrough therapies.

Over the past five years, nine of Takeda's innovative medicines received approvals from the National Medical Products Administration.

Sean Shan, president of Takeda China, said various policies and measures in China have helped accelerate the new drug approval process and expand patient access. Optimization of the new drug registration path and inclusion of high-value drugs in the national reimbursement list are positive developments, he said.

This year's CIIE attracted 15 global pharmaceutical giants. Expo watchers said over 100 innovative products will be on display at the event.

Official data showed the National Healthcare Security Administration imported medicines and consumables worth more than 47 billion yuan ($6.5 billion) in 2021.

The CIIE is a great platform that signals China is supporting the importation of innovative drugs. The country is also strengthening the confidence of foreign companies to enter the local market and explore development potential, the NHSA said in a statement.

Shan said: "At this year's CIIE, we set up an 800-square-meter booth to showcase eight of our first-in-class/best-in-class innovative products and breakthrough therapies in the fields of oncology, rare diseases, gastroenterology, and plasma-derived therapies. We are benefiting from the spillover effect of the CIIE."