FMI has projected East Asia hold more than thirty percent markets share through the course of the forecast period. Growth within the region is likely to be spearheaded by China. As per FMI, the China pharmaceutical intermediates market is estimated to surpass US$ 7 Bn in 2021, exhibiting a CAGR of 6% through 2030.
China remains one of the largest markets for pharmaceutical industries in the world. The China Government has been supporting research and development initiatives by various pharmaceutical companies with special attention to the biotechnology sector. Moreover, government taking initiative to support for foreign investment in R&D. providing better access of medicine to people is the prime concern for the Chinese Government.
Pharmaceuticals account for a substantial part of the current China health care budget. According to China.org.cn, China’s pharmaceutical market is expected to reach US$161.8 bn by 2023. Also as per, the Information Technology and Innovation Foundation, the 2017 Biopharmaceutical Competitiveness and Investment Survey has ranked China 20th among 27 nations on a variety of measures undertaken for biopharma innovation.
Chinese pharmaceutical manufacturers have until recently concentrated on the production of basic chemicals, intermediates and APIs. In short period of time, China has become the leading global supplier of APIs in terms of volume. As per the WHO report, in 2017 “Total revenues from sales of pharmaceuticals in China are substantially in excess of 100 billion US$, making China the second-largest pharmaceutical market in the world”