| By Alex Shaw, Pharmaceutical Manufacturing News |
| Monday, 06 April 2009 |
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China’s exports of preparations for western medicines continued rapid growth in 2008, with exports reaching US$1.1 billion and a year over year growth of 41.8 per cent, according to statistics from the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE). |
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This is the first time that China’s exports of preparations for western medicines have exceeded US$1 billion. Industry analysts at CCCMHPIE said that consumers tend to choose inexpensive generic drugs amid the ongoing global financial crisis, and as a result, China’s low-cost yet high-quality preparations for western medicines have become hot-selling items worldwide.
China’s major export destinations in terms of preparations for western medicines changed significantly in 2008, with the US and India replacing Japan and the Philippines as two of the country’s five largest trading
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partners. Exports to South Korea, the
US and India grew noticeably. The significant growth in exports to South Korea was mainly due to large jump in the amount of pharmaceuticals made in China
by two multinationals, Pfizer and Roche.
Exports to Japan, a traditional major importer of China’s preparations for western medicines, declined 62.3 per cent year on year in 2008, as Takeda Pharmaceuticals (Tianjin), a joint venture of Japanese pharmaceutical giant Takeda Pharmaceutical, did not export products. The export figures show that multinationals have played a vital role in China’s fast growing exports.
Generic drugs including antibiotics remained the largest contributor to China’s exports of preparations for western medicines last year. Exports to developed countries including the US were for the most part preparations for antibiotics and vitamin supplements, while exports to developing countries including Nigeria were mainly preparations for antibiotics and anti malarials. |
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A majority of countries worldwide have experienced wide fluctuations in exchange rates since the global financial crisis began, resulting in losses to China’s pharmaceutical exporters. In addition, decreased purchasing power of buyers in China’s major export markets as a result of currency depreciation as well as tightening fiscal policies have had a negative effect on China’s exports of preparations for western medicines.
However, China’s exports of preparations for western medicines are expected to continue the upward trend in 2009, with an expected growth rate above 20 per cent.
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