Thursday, 3 January 2013

China's health market to exceed a trillion yuan

The scale of China's medical market reached to 926.1 billion yuan (US$149 billion) in 2012 and is expected to race forward to 2.3 trillion yuan (US$369 billion) in 2020 as the country's population ages, according to the Chinese Academy of Social Sciences.
The country's medical market will grow annually by 12% from 2013 to 2020, reaching 1 trillion yuan (US$160 billion) in 2013. Beijing, Shanghai and Tianjin have contributed the most to the market, said the organization.
Supporting the burgeoning number of elderly and the country's increased purchasing power has augmented the demand for medicine, it added.
The combined growth rate of China's medical market had reached more than 20% from 2005 to 2010 because of fewer pharmaceuticals and the strong influence of government policy in the market, said the organization.
Multinational pharmaceuticals have accounted for a large proportion of medicine supply among high-tier hospitals. An insufficient number of domestic suppliers will mean continued reliance on foreign medicine. The government controls almost completely controls the distribution of medical supplies.
Source: Want China Times

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