The central government of China made a statement on Sunday following a meeting of the State Council outlining plans to consolidate China’s large and fragmented drug market and support a greater role for Traditional Chinese Medicines. The Chinese government hopes to improve “home-made” medicines in an effort to reduce reliance on drugs from overseas by:
- providing support for pharmaceutical mergers and acquisitions
- fostering industry leaders in order to solve the ‘scattered’ nature of the market
- accelerating the development of China’s domestic drug industry to better serve the people’s healthcare needs, help build a healthier China and “unleash economic growth potential”
- boosting safety controls and traceability of domestic drugs.
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