What are the factors influencing the future development of Chinese medicine?

Chinese medicine has changed throughout the years. Traditional Chinese Medicine was based on a vital force of life called “Qi”. Chinese ancestors believed that an imbalance in Qi could cause illness and disease. Also, they believed that humans were only microcosms of the surrounding universe, connected with nature. However, the pharmaceutical industry in China has been changing and growing in recent years. Even though natural medicine has always been present in the country, China started to invest in the prescription medicine uptake. According to Daxue Consulting, China's pharmaceutical industry is estimated to reach $161 B Yuan by 2023, taking over 30% of the global market. Low purchasing power and manufacturing costs of generic drugs (accounting for $85 B Yuan), are part of the whole pharmaceutical market ($219 B Yuan). Over the Counter medicines represent 13.6% of the market, supported by self medication and “open channels”. However, patented medicines contribute only to 22.9% of the whole pharmaceutical sales of the country. Even though China has become the second largest pharmaceutical market worldwide, it is expected to decline through 2023. One of the main reasons why China has been able to expand this industry is due to the fact that central government reforms and insurance access to rural and urban residents expand and modernize the health system.

(Pharmaceutical Industry in China, Daxue Consulting)

Acceleration of treatment concepts, new drug access, improvement of medical service quality and the dynamic adjustment of medical insurance access. Generic medication will keep rising in China´s laboratories, including anti-infective drugs, cardiovascular system drugs, anti tumor and cancer drugs and drugs for the digestive system. The expansion of generic drugs will reduce pharmaceutical expenditure and total drug sales. Furthermore, China has seen significant investment by foreign drug makers in the country´s generic medicine industry and partnerships with local companies and laboratories. Since profit is high and China has access to high level technology, the country has caught the attention of several pharmaceuticals.

Author: Georgina Alvarez Bruno

References:

China’s Pharmaceutical Industry will be the world's largest in under 10 years - Daxue Consulting - Market Research China. (2022). Retrieved 22 February 2022, from https://daxueconsulting.com/pharmaceutical-industry-china/#:~:text=China's%20pharmaceutical%20market%20has%20been,86.4%25%2