Pharmaceutical exports estimated to reach $82b

By 2015, the annual exports of the pharmaceutical industry will reach $82 billion, with an annual growth rate of over 20 percent, reported Shanghai Securities News Tuesday, citing an official from the China Chamber of Commerce for Import & Export of Medicines & Health Products.

However, since the start of 2012, pharmaceutical exports have not developed as expected. According to statistics released by the National Development and Reform Commission, in the first quarter, the industrial export delivery value only realized a year-on-year increase of 6.6 percent, nearly 10 percent lower than 2011.

Liu Zhanglin, vice president of the chamber, said that, although pharmaceutical industry exports have been weak this year, there are still hopes for it to reach an annual average growth rate of over 20 percent. And export volume would grow from the 2010 figure of $33 billion to $82 billion in 2015 during the 12th Five Year Plan period (2011-15).

Chemical preparations will continue to be the point of growth for pharmaceutical exports in the future, Liu added.

He also noted that the adjustment of pharmaceutical industry's export structure is inevitable, the chamber will encourage companies establish factories, research and development institutions and sales network overseas.