China pharmaceutical eyes 20% annual growth

China is set to launch a blueprint guiding pharmaceutical industry development during the 12th Five-Year Plan (2011-2015) with an aim of achieving 20% year-on-year total output value growth, state media reported, citing China Securities Journal. The plan also sets a goal of 16% year-on-year growth in added value to the industry, said Wang Xuegong, an official with the pharmaceutical department of the Ministry of Industry and Information Technology (MIIT). It is anticipated that the top 20 major varieties of medicine will account for 80% of the market share by 2015. The plan also aims to develop five enterprises with sales revenues exceeding US$7.84 billion, and for the top 100 firms to generate 50% of the industry’s revenue. Medicine exports should see over 20% annual growth with more than 50 research centers and production bases to be built overseas.