Traditional Chinese medicine will become an integral part of the biological medicine and healthcare industry as more products find their way into global markets, according to a senior company executive.
"TCM is extremely beneficial for preventing diseases. We believe that more people across the world will develop awareness about using TCM products in treatment," said Li Chuyuan, chairman of Guangzhou Pharmaceutical Holdings Ltd.
According to Li, biopharmaceuticals, precision medicine, medical instruments and gene technology will become hot investment and development areas in the healthcare industry in the future.
"As one of the largest TCM research and manufacturing bases, we are promoting our products to the global market," said Li.
The company's herbal beverage, Wanglaoji, a product integrating TCM with modern innovation and technology, has been sold in more than 6 million stores in over 60 countries and regions.
"We are promoting the use of traditional herbal tea worldwide, which is already listed as an intangible cultural heritage," said Li, during a panel discussion on the future development of healthcare during the Fortune Global Forum.
According to Li, Guangzhou Pharmaceutical will likely be included in the Fortune list of the world's powerful 500 companies by 2020. Sales of the company will surpass 100 billion yuan ($15.11 billion) this year, following its fast expansion in the global market, he said.
Biological medicine has become one of the emerging industries for Guangzhou and the city has introduced an industrial strategy to boost development of the sector with the help of artificial intelligence and new generation technologies.
According to the national development plan for the healthcare industry, total value of China's healthcare industry is expected to reach 16 trillion yuan by 2030.
"Chinese pharmaceutical and healthcare companies will now have more opportunities to go global," said Stefano Pessina, CEO of Walgreens Boosts Alliance.
Walgreens Boots Alliance, the largest retail pharmacy chain across the United States and Europe, said on Wednesday that it had reached an agreement with China National Accord Medicines Corp Ltd to become an investor in its subsidiary Sinopharm Holding Guoda Drugstores Co.