TIANJIN - Chinese medicine companies are using the Summer Davos meeting as an opportunity to understand the market mechanism in developed countries, said Hao Feifei, president of Tianjin Zhongxin Pharmaceutical Group Co Ltd.
"I have attended all the summer Davos meeting after it began to be held in China," Hao said. He said the event is not just a simple fair, but an event to "feel the pulse of the world's economy."
A major problem that often confounds Chinese medicine firms is the high product costs. Anlaysts aver that the pricing system is disadvantageous to patients as well as companies.
Hao said: "Our focus at the Davos meeting will be the market module in Western countries and the way advanced multinationals work."
Being one of the largest traditional Chinese medicine manufacturers, Zhongxin Pharmaceutical saw a 52 percent year-on-year growth in profit during the first half of this year. The company has also increased its exports by nearly 50 percent.
"We have 72 products registered in more than 20 countries, including the 'Great Wall' brand that has got approval in 25countries," said Hao.
According to him, the company is also striving to reduce carbon emissions in its manufacturing processes. He said the key challenge for the Chinese medicine sector and Zhongxin is the cutthroat, or "vicious" competition in the industry.
Listed in Shanghai and Singapore, the company currently owns 315 patents. Of this 67 are exclusive prescriptions, while 42 are exclusive drug forms.