Chinese Biopharmaceutical Market Expected to Grow to $111.8 Billion by 2025
KOTRA announced that it will operate a Korean Pavilion at the "China Pharmaceutical Exhibition (CPhi CHINA 2023)" held in Shanghai, China, for three days starting from the 19th (local time).
Approximately 3,000 exhibitors from about 110 countries worldwide and more than 55,000 visitors are expected to participate in this exhibition. KOTRA will operate the Korean Pavilion composed of 12 pharmaceutical and bio-ingredient companies in cooperation with the Korea Pharmaceutical Traders Association. Additionally, together with five companies based in Gangwon Province from the Chuncheon Bio Industry Promotion Agency, an integrated Korean Pavilion will be formed to showcase Korea's technological capabilities in pharmaceuticals and raw materials.
The participating companies in the Korean Pavilion will represent various fields related to the pharmaceutical industry, ranging from asthma allergy, gastrointestinal disorder, and nervousness treatments to pharmaceutical raw materials. KOTRA will also collaborate with the Korea Health Industry Development Institute to conduct a seminar for Korean pharmaceutical companies on entering the Chinese pharmaceutical market. During this seminar, a Chinese consulting agency will present on the prospects, market, trends, and key certifications of the Chinese pharmaceutical industry.
Research agency China Briefing stated that the Chinese healthcare market is expected to grow to $2.3 trillion by 2030, and particularly, the Chinese biopharmaceutical market is projected to reach $111.8 billion by 2025. It is expected to become a major market in the global pharmaceutical industry in the future.
Jo Il-gyu, head of KOTRA's Overseas Exhibition Team, said, "We will actively support our participating companies to build networks and achieve results at the China Pharmaceutical Exhibition, which is being held offline for the first time in three years since COVID-19."
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