China's pharmaceutical industry reports average annual revenue growth of 9.3 pct

(Xinhua) 11:02, October 25, 2023

BEIJING, Oct. 24 (Xinhua) -- China's pharmaceutical industry has seen its main business revenues grow at an annual average of 9.3 percent since the beginning of the 14th Five-Year Plan period (2021-2025), the Ministry of Industry and Information Technology (MIIT) said on Tuesday.

The sector's combined profits have grown at an annual average of 11.3 percent, MIIT official He Yaqiong told a press conference.

MIIT data shows that the average annual investment in the industry's R&D has exceeded 20 percent.

The ministry will facilitate the creation of a collaborative, innovative manufacturing platform for the pharmaceutical industrial chain. The ministry will also support the establishment of a pharmaceutical industrial chain research institute with industry associations, leading enterprises and research institutions involved, the official said.

The ministry will host a conference on the development of China's pharmaceutical industry from Nov. 17 to 19.

(Web editor: Zhang Kaiwei, Liang Jun)


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