Largest Chinese pharmaceutical companies 2023, based on market value

As of June 2023, with a market value of almost 44 billion U.S. dollars, Jiangsu Hengrui Pharmaceuticals was by far the most important Chinese pharmaceutical company, followed by major chemical drug companies such as Chongqing Zhifei Biological Products and Wuxi Biologics. Innovative drugs Despite having the world's second-largest drug market, China's pharmaceutical industry has long been relatively underdeveloped, largely due to a lack of investment in research and development (R&D). Chemical drug companies have primarily focused on manufacturing generic drugs for the country's domestic market. Thanks to the consistent increase in R&D investment by a number of key players, the innovative drug industry has gradually become a new source of growth for the sector, with antineoplastic drugs and drugs treating blood diseases dominating China's Innovative New Drugs (IND) and New Drug Applications (NDA) in the last few years. High popularity of traditional Chinese medicine Meanwhile, traditional Chinese medicine (TCM) still enjoys considerable appeal in China. Many people remain inclined to use TCMs for therapeutic or preventive purposes. This has enabled TCM giants such as Zhangzhou Pienzehuang Pharmaceutical, Yunnan Baiyao, and Guangzhou Baiyunshan Pharmaceuticals to remain among China's largest pharmaceutical companies.

截至2023年6月，江苏恒瑞医药以近440亿美元的市值，成为中国最重要的制药企业，紧随其后的是如重庆智飞生物制品和无锡生物制药等大型化学药物公司。尽管拥有全球第二大药物市场，中国的制药行业长期相对欠发达，这主要归因于研发（R&D）投资的不足。化学药物公司主要专注于为国内市场生产仿制药。得益于众多关键玩家对研发投资的持续增加，创新药物产业逐渐成为该行业的新的增长动力，近年来，抗肿瘤药物和血液疾病治疗药物在中国创新药物（IND）和新药申请（NDA）中占据主导地位。同时，传统中医药（TCM）在中国仍然享有极高的吸引力。许多人仍然倾向于使用中医药进行治疗或预防。这使得张芝黄药、云南白药和广州白云山制药等中医药巨头继续成为中国最大的制药企业之一。