Pharmaceutical industry needs shot of innovation

Despite an overall increase in China's pharmaceutical foreign trade, growth of its exports showed signs of slowing down in 2013, a chamber of commerce group reported.

Total foreign trade involving pharmaceuticals rose 10.27 percent to $89.69 billion last year, with exports up 6.84 percent and imports rising 15.17 percent compared with 2012, according to figures from the China Chamber of Commerce for Imports & Exports of Medicine & Health Products.

"China's pharmaceutical industry is entering a critical period of transformation as it is losing its traditional competitiveness, such as price, and is also faced with sluggish international market, especially in Europe and the United States," said Xu Ming, chamber vice-chairman.