China has approved 113 innovative medicines since its 14th five-year plan began in 2021, according to data shared at the China Pharmaceutical Industry Development Conference. The number of approvals marked an increase of nearly three times over the previous Five Year Plan, and had reached a market scale of CNY100 billion. As many as 37 innovative drugs and 51 medical devices were approved for sale this year alone, the Ministry of Industry and Information Technology (MIIT) announced at the forum. According to state broadcaster CCTV, the data also put China at the No 2 spot in the world in the number of new drugs under development. “We will hasten the industrialization of important innovative products, carry out work to coordinate the upper and lower streams of the supply chain, and push forward the transformation of pioneering technology such as AI-made medicines,” Industry and Information Technology Minister Jin Zhuanglong told the forum. The Minister also pledged to boost medicine supply and production capacity, with the sector expected to further open up for cooperation with different parties.
China is upgrading its pharmaceutical industry to make drugs and healthcare more accessible. This is part of its plan to become more self-reliant through “new quality productive forces” driven by technical innovation and a supportive business environment, the South China Morning Post reports.
