Source: CCTV.com
03-13-2008 11:36
We continue our BizChina 360 series on China's pharmaceutical industry. And in today's edition, we take a look at traditional Chinese medicine. Annie Fu finds out why TCM is proving popular with both consumers and drug companies.
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| TCM is proving popular with both consumers and drug companies. |
Tune in tomorrow for the next segment in our BizChina 360 series about the pharmaceutical industry in China. We'll find out what new ideas and issues are affecting the future of the industry.
Tucked away on a quiet side street, off a busy thoroughfare in Beijing, is the Xing4 Lin2 Yuan4 Traditional Medicine Clinic. It's part of the larger Beijing Traditional Chinese Hospital.
Dr. Wu Yuning said "Generally speaking, from a traditional way, most Chinese people believe Chinese medicine, especially when they have mild diseases. Mostly, they like to see Chinese medicine doctors. Especially for middle-aged and elderly people. But if they have acute problems, very serious problems, more people like going to the western people, because they want to get more diagnoses, more exams to show what their problem is."
Dr. Wu integrates the use of traditional Chinese medicine with western medicine, an increasingly popular method of treatment. As more and more people convert to TCM, the number of doctors and TCM manufacturers has increased. According to the World Health Organization, traditional medicine now accounts for as much as half of China's medical consumption.
Dr. Wu explains the reason for TCM's rising popularity.
Dr. Wu Yuning said "I think most people, they more like the combination of western medicine and Chinese medicine together. Because they think they can have their natural medicine treatment. In the meantime, it seems their doctor understands western medicine, so their diagnosis will be very clear. And also, if they need it, the doctor may also give them western medicine."
But the integration of the practices of TCM and western medicine is just the beginning. The Chinese government has set aside tens of millions of dollars for the scientific development of TCM and its promotion worldwide.
And that number is expected to grow. In December, China's State Council approved a new 1.5 billion US dollar initiative for drug discovery and innovation, some portion of which will be for TCM. Analysts are expecting the details to be announced at the ongoing NPC and CPPCC meetings.
The most recognizable name in TCM is Tongrentang. It's one of the companies most likely to benefit from the government's promotion of TCM.
"I buy TCM because it's a Chinese tradition. I'm buying from Tongrentang, because it has good quality products, and I'm buying it for my parents."
And she will have a lot more companies to choose from if the TCM industry continues developing along its current path.
Arthur Mok, a lawyer who has worked extensively in China's healthcare industry, explains why.
Arthur Mok, Partner of Hogan & Hartson said "In the west, there's been a healthy amount of skepticism in regard to TCM. But I think that it's becoming more widely accepted. In fact, there have been a number of large pharmaceutical companies that have been investigating TCM and done partnerships with TCM companies."
