Wang Wentao: China Lists Biopharmaceuticals as Emerging Pillar Industry

Minister Wang Wen Tao of China’s Ministry of Commerce met collectively with leaders of the U.S. Pharmaceutical Research and Manufacturers of America and multinational pharmaceutical companies to discuss the development of foreign-invested enterprises in China’s pharmaceutical industry and related concerns.

Wang Wen Tao stated that China’s 14th Five-Year Plan clearly emphasizes implementing a health-first development strategy, listing biopharmaceuticals as a new pillar industry, strengthening intellectual property protection, increasing policy transparency, and improving regulatory efficiency. These measures provide new opportunities for multinational pharmaceutical companies to participate comprehensively in the construction of a Healthy China.

He also pointed out that recently, the China-U.S. economic and trade teams held their sixth round of dialogue and consultations, reaching some new consensus. China has always believed that the essence of China-U.S. economic and trade relations is mutual benefit and win-win cooperation. Stable, healthy, and sustainable development of China-U.S. economic and trade relations will provide stable expectations for the operation and development of multinational companies in China.

Leaders of the participating associations and multinational pharmaceutical companies expressed continued optimism about the prospects of China’s pharmaceutical industry, stating their willingness to increase investment and introduce more cutting-edge international products and technologies into China to support the construction of a Healthy China.