| Only two decades ago, China was a poor | | | | of traditional Chinese medicines (TCMs). The TCM |
| agricultural country; now it becomes the | | | | market is estimated at around US$6.9 billion. The |
| third-largest economy in the world, with a GDP of | | | | size of the market for western-style |
| more than $2, 108 billion in 2006. Experts forecast | | | | pharmaceuticals, therefore, can be reckoned at |
| that by 2020, China will be the world's largest | | | | around US$20.8 billion, equal to around US$16 per |
| economy. | | | | capita. This makes China one of the largest |
| 1, China's pharmaceutical market | | | | markets in the world, and second only to Japan in |
| The Chinese pharmaceutical market has shown | | | | Asia. China is expected to become the fifth |
| impressive growth in recent years, in tandem with | | | | largest drug market in the world by 2010. Growth |
| the country's rapid economic expansion. | | | | will be driven by factors such as an increasingly |
| Pharmaceutical sales in China (excluding Hong | | | | ageing population, large market size (urban and |
| Kong) were estimated at US$27.7 billion in 2005, | | | | rural), government support in restructuring the |
| an increase of around 8.5% over the 2004 year. | | | | highly fragmented industry, IPR policies, as well as |
| The figure is distorted, however, by the presence | | | | increasing life expectancy. |