Total value of medical imports decreases - (China Daily via NewsPoints Desk)

  • A report revealed that the total value of medical and healthcare products imported into China fell last year by 9.8 percent to $50.4 billion, China Daily reported Tuesday.

  • "China's demand for imported medical and healthcare products has remained steady in recent years with a tendency toward growth," said Wang Maochun, vice president of the China Chamber of Commerce for Import and Export of Medicine and Health Products, adding "the decline in import value was mainly due to the price drop rather than a volume decrease."

  • The report found that although the volume of imported products increased by 9.5 percent year-on-year, the average price of products was down 17.6 percent.

  • Regarding specific categories, the value of imported Western medicines 9.52 percent year-on-year plunged 24.1 percent last year to $13 billion, while that of biochemical medicines plummeted 41.2 percent to $4.8 billion.

  • Wang predicted that the prices of imported medicines will remain steady or continue to fall in the future.

  • "China has huge market potential for imported medicine, and the demand is growing fast for generic drugs, but pharmaceutical market competition is becoming increasingly fierce," commented Beijing Dingchen Consultancy founder Shi Lichen, who suggested that imported drug prices are likely to continue to decrease "over a long period."

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