China's Pharmaceutical Exports Return To A Normal State

In 2023, China's pharmaceutical exports returned to a normal state, and traditional trade will accelerate its transformation. The COVID-19 pandemic has had a major impact on China's pharmaceutical foreign trade, especially its exports. However, looking at the data from the past five years, the total amount of pharmaceutical foreign trade has increased by 42.14 billion US dollars, an increase of 27.5%. Among them, the export volume has increased by 23.07 billion US dollars.
In response to the challenges posed by the pandemic, many domestic pharmaceutical companies have re-organized their core competencies and development strategies, strengthened customer relationships, and increased sectoral cooperation, shifting from simple trade to participating in overseas companies. They are establishing offices, subsidiaries, and factories abroad using multiple methods to achieve global supply.
The expansion of the pharmaceutical export market has also led to significant developments in the new drug sector. Starting from intermediate products and exporting raw materials, China's pharmaceutical industry has made significant progress in the export of special raw materials, generic drugs, and now innovative ones.
While consolidating traditional European and American markets, China's pharmaceutical companies have also diversified their trade investment towards emerging markets. With the deepening of the Belt and Road Initiative, emerging market demand for medical treatment is increasing. Many companies have seized this opportunity period and increased their presence in Southeast Asia, Africa, Central Asia, the Middle East, South America, and other emerging markets.
All in all, the development trend of China's pharmaceutical industry has entered a new phase of diversified trade and investment, characterized by innovation and cooperation, taking advantage of the opportunities afforded by the changing global market landscape.