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The implications of WTO accession on the pharmaceutical industry in China

journal contribution
posted on 2023-06-07, 04:44 authored by Godfrey Yeung
Given the limited capabilities of R&D and global distribution channels, and the virtual non-existence of patented drugs, the Chinese pharmaceutical industry has little chance to enter the global market of Western prescription drugs and compete with the established global giants head-on. The reality is that they are chasing a moving target and their competitors are becoming bigger and stronger day by day. The substantial reduction of import tariffs and the granting of comprehensive trading and distribution rights to foreign-financed firms following WTO accession, effectively tilted the level-playing field against the Chinese pharmaceutical industry. Given the short-term competitive advantages of the Chinese pharmaceutical industry on Chinese drugs, three development strategies are suggested: (1) consolidate the local market of herbal and generic drugs; (2) market Chinese drugs via the Internet; and (3) outsource R&D and collaborative marketing.

History

Publication status

  • Published

Journal

Journal of Contemporary China

ISSN

1067-0564

Publisher

Taylor and Francis

Issue

32

Volume

11

Page range

473-493

Department affiliated with

  • Geography Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2006-09-19

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