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Industry Overview

The global pharmaceutical industry kept growing recently, which was benefiting from increased consciousness of human health, marked trend of aging population, as well as the innovation and development of pharmaceutical technology. Accordingly, the market of prescription drugs has been keeping growing strongly due to the considerable medical demand produced by more than 1.3 billion population of Chinese market. According to an industry report from Frost&Sullivan, the Chinese pharmaceutical market was growing at a compound annual growth rate (CAGR) of 9.5% from 2013 to 2017, of which the prescription drug market was growing at a CAGR of 9.7%. The sales of imported prescription drugs in Chinese market reached RMB107.9 billion in 2017, increasing at 11.9% CAGR from 2013 to 2017, which outperformed the growth rate of overall sales market of prescription drugs in China.

Pharmaceutical market is huge in China. However, a powerful and high-quality drug would have to go through various phases such as research, manufacture, marketing, promotion and sales from R&D to the final service to patients for most pharmaceutical enterprises, which needs large amount of investment, subjects to strict rules of market access, undertakes the risk of failure in all aspects as well as faces severe market competition.