Leading biotech and pharmaceutical companies on the Fortune China 500 ranking 2023

According to the Fortune China 500 ranking in 2023, China Resources Pharmaceutical Group ranked first among all Chinese biotech and pharmaceutical companies, with an annual revenue of about 552 billion yuan in 2022. Shanghai Pharmaceuticals was the second placeholder with almost 232 billion yuan in annual revenue, followed by CR Pharmaceutical Group with a small margin. The ranking is based on total revenue in 2022 and was released in July 2023.

Brief overview of the industry

China was one of the pioneers of the medical and healthcare industry in the Asia-Pacific region, especially in the fields of pharmaceuticals and biotechnology. The Chinese pharmaceuticals industry had registered promising growth in recent years, mainly due to favourable market regulation policies which had broadened the market access of patented drugs. The leading pharmaceutical manufacturer, Shanghai Pharmaceuticals, registered significant growth in revenue in the last decade. Its rise has been aided by the faster approval process of new drugs, overseas market expansion and a collective industry movement towards innovative products.

The role of traditional Chinese medicine (TCM)

With over 3000 years of history, the Chinese tradition of using animal and herbal extracts for treatment is gaining gradual popularity among its western counterparts. Guangzhou Baiyunshan Pharmaceuticals, Yunnan Baiyao Group, and Beijing Tong Reng Tang are the prominent TCM manufacturers with considerable gross profits. The traditional Chinese medicine industry has received progressive assistance from government initiatives to improve industry standards and efficiency in the production of traditional medicine. In the COVID-19 pandemic, TCM also played an important role as a measure to boost public immunity.