One of the most important sectors of the economy in the People’s Republic of China is the pharmaceutical sector, which includes manufactured medications and chemicals, ready-to-use Chinese medicines, medical equipment, tools, and supplies, as well as supplies for packaging and cleanliness.
In terms of market size, China is home to the second-largest pharmaceutical industry. Despite having a sizeable portion of the world’s population, China only makes up a modest portion of the pharmaceuticals market.
The evolving healthcare landscape in China aims to increase access to goods and services for people and to a broader percentage of the population by expanding basic health insurance.
After the transitional era, it is anticipated that the pharmaceutical sector would keep growing.
The China pharmaceuticals market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
One of the top pharmaceutical firms in China is Jiangsu Hengrui Medicine Co. Ltd., with its headquarters in Lianyungang, Jiangsu Province.
Hengrui has always valued R&D and maintains an R&D office in Lianyungang. Both an R&D centre in Chengdu and Shanghai were constructed.
Hengrui continues to make significant investments in R&D and has consistently ranked among the best companies in China in recent years.
Hengrui is well renowned for its innovative anti-cancer medications and conducts research and development in oncology, metabolic disease, cardiovascular disease, inflammation, and diseases of the central nervous system and immune system, among other areas.
The first small molecule anti-angiogenesis targeted therapy for advanced stomach cancer was apatinib, which the China FDA (CFDA) approved. The R&D departments of Hengrui have opened offices abroad in the US and Japan.
Shijiazhuang Pharma Group: The pharma group is one of the biggest pharma enterprises in China and is based in Shijiazhuang, the capital city of Hebei Province in northeast China.
The company declared the official release of its research medication butylphthalide. The consortium purchased the drug’s patents from the Chinese Academy of Medical Sciences and was used for clinical testing.
Shijiazhuang Pharma Group is a classic example of a company developing new drugs. The company employs three strategies:
first, collaborates with universities and research institutions to develop new drugs; second, applies for generic drug rights before the patents on patented drugs expire; and third, modernised traditional Chinese medicines (TCM), or develops TCMs in the same quantitative way as is done with Western medicines.
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