The Chinese Government has targeted biotechnology as a priority, along with information and communications technology. Incentives, development programs, education and training, research and development, and the commercialization of new products, technologies and services are being actively encouraged by the government.
Pharmaceuticals is one of the fastest growing industries of biotechnology in China. In the current China pharmaceutical market, 'me too' products represent 90 per cent of total market. Chinese relatively low R&D investment means China has very few of its own patented drugs on the world market. This situation has been a major concern of the Chinese Government resulting in the concerted effort to make biotechnology a key driver in health care and the drug industry in future years.
In 2006, the domestic pharmaceutical industry grew rapidly and annual production reached around A$88 billion, at 18 per cent growth. Biological products increased 21.7 per cent totaling A$6.6 billion, and medical devices increased 27 per cent totaling A$7.1 billion. Biotechnology application in agriculture has progressively increased, with a focus in areas such as rice and cotton.
With China’s rapid economic development, per capita incomes continue to increase, particularly in major urban centers. Better health care products and services are an increasing focus for wealthy citizens. Biotechnology is therefore expected to continue to grow at over 10 per cent per year for the next five to 10 years. At the same time, biotech resources and manpower are being consolidated into major centres such as Shanghai, Beijing, Guangzhou, Shenzhen, Changchun, and Shijiazhuang.
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