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Huge challenges for China in overseas TCM market
By Hu Yang (chinadaily.com.cn)
Updated: 2010-03-03 16:48
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The development of the traditional Chinese medicine (TCM) industry in China faces a huge challenge as 90 percept of the international herbal medicine market is dominated by Japan and South Korea, forcing the issue to be raised during the annual session of China's top advisory body, the Chinese People's Political Consultative Conference (CPPCC), according to qq.com, a leading portal website in China.
Wu Yiling, member of CPPCC, calls to enhance research and development of TCM and promote its industrialization in his proposal to the CPPCC. Wu is also an academician of Chinese Academy of Engineering and head of a pharmaceutical company.
The annul CPPCC session officially kicks off on Wednesday.
Japan and South Korea import herbal materials from China at low prices and process the materials with well-developed technologies.
The international herbal medicine market is developing very fast, but China, the birth place of TCM, only accounts for three to five percent of the market.
Wu lists the existing problems in China's TCM industry in his proposal, such as weak research power, inflexible system and lack of competitiveness.
He suggests improving the status quo by innovation, cultivating able talents and strengthening R&D power.
