China boasts over 10,000 major pharmaceutical industrial firms

BEIJING -- China currently has more than 10,000 major pharmaceutical industrial enterprises and the country's ability to ensure medical supplies has improved, the Ministry of Industry and Information Technology said Friday.

The industrial output of the major pharmaceutical companies currently accounts for about 4 percent of the country's total industrial output, data from the ministry showed.

The industry's investment in research and development (R&D) has continued to grow, with annual average R&D expenditure exceeding 20 percent over the past three years.

Therefore, the industry has achieved some progress in developing innovative drugs and high-end devices, the ministry said, adding that China now ranks second in the world in terms of the number of new drugs under research.

China will accelerate the construction of a modern pharmaceutical industry system and improve supply security, said Jin Zhuanglong, minister of industry and information technology.

Multinationals are encouraged to set up R&D centers and innovative drugs production bases in China, while domestic pharmaceutical companies are encouraged to explore overseas markets, Jin added.