China has a booming pharmaceutical industry. Its low rate medicines with good quality are increasingly gaining popularity in every part of the world.
According to Shao Ying, former director of the drug evaluation department at the State Food and Drug Administration, the industry grew at an annual rate of 16.4% in the past decade and is expected to grow by 23.6% per year this decade.
Shao predicted that in the next few years China will become the third largest market, after U.S. and Japan, in the next few years. Moreover, the country will be the second largest market by 2020. It has been estimated that China’s pharmaceutical industry will reach to 10 trillion yuan ($1.57 trillion) by 2020 in terms of output.
The Chinese government is investing heavily, by setting 10 billion yuan, for drug innovation. Pharmaceuticals and biotechnology is among the seven national “strategic industries” identified by the Chinese government.
Via: China Daily