China's biotechnology industry is likely to reach a total output value of 4 trillion yuan — $630 billion — by the end of 2015, reports China Daily's Gao Yuan. The pharmaceutical sector is expected to contribute about 90 percent of that value, Yuan says, adding that, according to China Securities Journal, the country's government is considering a five-year development plan for the industry. Li Hong, who heads the Ministry of Industry and Information Technology's medicine-development desk, says that the plan will focus on the development of new drugs, biomedical engineering, and "the modernization of traditional Chinese medicines," Yuan reports.
According to a Reuters report, China's cabinet has also approved a plan to promote other strategic industries — like next generation information technology developments and advanced equipment manufacturing and new energy sources, among others — in addition to biotech, "as part of efforts to reform the economy and underpin long-term growth."
(HT: Fierce Biotech)