The pharmaceutical industry in China has been recording some very impressive numbers since the early 2000s. The major export markets for Chinese-made pharmaceuticals are the United States, Britain, Switzerland, and Japan. The pharmaceutical manufacturing industry in China is primarily engaged in the manufacture of chemical medicinal and pharmaceutical products in various formats, including ampoules, tablets, capsules, vials, ointments, powders, solutions, suspensions, and radioactive medicine.
According to pharmexec.com- Speaking of innovation, intellectual property is another important area. China has long been criticized by the international community for its lack of intellectual property rights and protection; as a result, the development of China’s innovative pharmaceutical industry was heavily restricted until a few years ago. But the government has taken few important steps to modernize the pharma industry and ensuring greater safety of intellectual property rights and protection.
- Linking Drug And Patent
- Patent Period Compensation
- Data Protection
Possibilities of Sourcing Chinese Pharma Products–
China has quietly become a surprisingly important supplier to the global pharmaceutical industry. The immense potential of the pharmaceutical distribution industry has attracted the inrush of capital in recent years, and mergers and acquisitions occurred frequently. Currently, many pharmaceutical ingredients are not manufactured anywhere else but in China. The reform has already brought significant improvements. Many of the drugs that Americans depend upon, including birth control pills, antibiotics like penicillin, vitamin C, and even cancer drugs, are made in China. This country is the largest exporter of ciprofloxacin, an anthrax antidote. The possibilities of sourcing pharma products are hugely profitable.
Tips on Selecting Chine Suppliers of Pharma Products
Responsiveness – How long does it take for your main contact to respond to your questions, comments and concerns?
Attention to detail – Are the responses you’re receiving thorough and complete?
Clarity – Does the supplier communicate clearly so that you can easily understand?
As part of Beijing’s “Made in China 2025” industry plan, President Xi Jinping identified the pharmaceutical sector as one to push, with the focus on innovation and homegrown research and development. Chinese pharmaceutical manufacturing is concentrated in two geographic regions: Eastern China and Southern China. China is on its way to becoming the major global player in drug development, commercialization and distribution. Even with China’s current economic slowdown and the trade war with the USA, the annual growth rate of pharmaceuticals is quite impressive. It is projected to grow by up to 9% through 2021.