Healthcare products manufacturing giant Johnson & Johnson will be giving more importance to the Chinese market, as it is looking to target the country’s middle class, along with the aging population. The chief executive officer of the company said that they will be concentrating more on the Chinese market’s middle class group.
Alex Gorsky, chairman and CEO of Johnson and Johnson said, “We would expect the growth in the Chinese market to be faster than in other regions in the world, driven by a number of things. One is, of course, the increasing middle class in China”. Gorsky was at the Fortune Global Forum, which is being held in Chengdu from June 6 until June 8, 2013.
Gorsky also went on to say that the middle class in China can rise from 300 million to over 800 million people in the next few years. It was also observed that as people become better off and can afford more, their demand for healthcare products usually rises.
The population of China is aging and for this reason it is expected that the consumption of these products might increase. The reports say that about 9 percent of the population is above the age of 65 and this number is expected to increase to 25 percent in the next 20 to 30 years.
