China's biopharma industry just 20 years old but holds enormous potential

China's biological product industry is an emerging industry with only a 20-year history. The sales revenue of China's biopharmaceutical industry in 2009 was about 89 billion renminbi (about $13 billion), accounting for less than 10% of the total sales revenue of the pharmaceutical industry, notes a new report added to the offering of Research and Markets. But its development potential is enormous, and its share in the pharmaceutical industry is on the rise.

International firms finding opportunities

In 2009, the export value of China's biopharmaceuticals reached $1.45 billion, increasing by 60.22% over 2008; the import value was $1.02 billion, increasing by 31.80% over 2008. Relative to other products produced in China, the country's biopharmaceutical products occupy a very small share in the international market. However, the status of low market concentration of China's pharmaceutical industry and backward technology has created conditions for foreign companies to settle in China. The international biopharmaceutical enterprises have found the opportunities in Chinese market and are gradually further exploiting Chinese market.