BEIJING – China has become the biggest exporter of bulk pharmaceuticals and second largest consumer of medicine in the world, reports state-run Xinhua.
Article continues after the advertisement
According to Wu Zhen, deputy director of China Food and Drug Administration (CFDA), the business income of China’s 5,000 pharmaceutical companies has reached 2.5 trillion yuan ($370 billion USD).
Up to 50 of the companies are certified in Europe or the United States, and their export volume surpassed $13.5 billion USD, he said.
He also praised the CFDA’s efforts to speed up the process of new drug approval and clear the backlog of applications, which he considered had led to those achievements, according to the report.
The global pharmaceutical industry is an important aspect of the world economy today, providing about one trillion US dollars in revenues annually. The American pharmaceutical industry accounts for about 40% of these revenues.
However, China is fast catching up as having the fastest growth in the industry.
European pharmaceuticals have also shown high revenues in prescription sales.