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East China Province Promotes Medicine Industry
East China's Zhejiang Province is to establish a park specializing in medicine research and production in the economic development zone of Hangzhou, capital of the province.
About 60 pharmaceutical plants and research institutes will enter the park, which is expected to set up a system of production and research within five years, said an official with the project.
Sources said that by 2005 the park's industrial output value will hit 5 billion yuan (600 million US dollars).
The business here will mainly cover refining natural medicinal herbs, development of genetic medicines, and production of medical appliances.
According to local analysts, the medicine industry is expected to grow steadily as demand for medical care remains one of the major forces behind economic growth.
However, pharmaceutical enterprises should see in advance the challenges from overseas competition when China enters the World Trade Organization.
Experts also believe that China ought to strengthen its ability to develop new medicines and strive to upgrade the technical quality of medical commodities to increase competitiveness on international markets.
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