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Chapter 50 Industry Development
David: What is China's pharmaceutical industry like?
You: In the past fifty years, China's pharmaceutical industry has grown from nothing into a booming industry. When the PRC was established in 1949, China's basic pharmaceutical industries were very weak.
David: The entire pharmaceutical industry?
You: Yes, the entire pharmaceutical industry was quite weak at the 1950s.
David: So in the last 50 years it has developed.
You: Yes, and now China has achieved an important position in the world market as a supplier of raw materials for pharmaceuticals.
David: What do you mean?
You: I mean that many multi national companies depend on China for raw materials, and China has cornered about 30% of the market share for pharmaceutical chemicals.
David: It seems like in the past 50 years China's pharmaceutical market has opened to the world.
You: Not exactly. In the first thirty years, China's economy was not open to Western countries. But since the 1980's, in the last twenty years, China's international trade has taken off.
