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.