Data from the CCCMHPIE (China Chamber of Commerce of Medicines & Herbal Products Importers & Exporters) reveals that Chinese medicine exports in the first 10 months of 2012 reached $39.134 billion. The growth rate this year has decreased significantly by 28% from the growth rate over the same period last year.
Such a decline has several factors such as the dropping demand for medicine on the international market, increasing production costs for Chinese pharmaceutical companies, international trade frictions and the more strict regulation on the Chinese medicine market, said CCCMHPIE insiders. In fact, CCCMHPIE has warned of the difficulties for Chinese medicine exporters in early 2012.
However, due to the rigid demands for pharmaceutical products and the importance of Chinese medicine on the international market, the export of Chinese medicines is expected to keep growing at a relatively slow rate ranging from 10 to 15%, according to CCCMHPIE.
In spite of the decline of export growth rate, “promising domestic medicine market can provide great opportunities for pharmaceutical companies in China. As a result, the pharmaceutical companies are very likely to invest more to explore the local Chinese market in the coming future,” said Li Lei, Director of Beijing Compete Medical Economic Technology Research Center.
Source: Morning Whistle Dec 2012