a. Medical Devices
In recent years, the annual output value of medical device products in China market are growing at a rate of more than 20% on average, much higher than the average growth level of the GDP in the same period, but it only accounts for only 3% of the share in the world, indicating that the future industry growth space is huge.
At present, the innovation of science and technology sectors in various industries is highly active, and the innovation of advanced technologies such as materials, manufacturing, electronics, information, and internet are accelerating day by day, and innovative products are constantly emerging. Modern medicine has accelerated the development of early detection, accurate quantitative diagnosis, minimally invasive treatment, individualized diagnosis and treatment intelligence, portability, multi-function, home use, remote service, etc. Market demand is constantly upgrading, and new demand has put forward new requirements and new challenges to the technological innovation of medical devices.
From the international stage, the medical device industry, whether it is large medical imaging diagnostic equipment, or precisive and small surgical instruments, are infiltrated with modern high-tech achievements, the medical device industry has become an internationally recognized high-tech intensive industry. Technological innovation has also become the largest direction of China's medical device industry, and it is also a high-end embodiment of the value chain.
b. Medicinal Drugs
From 2014 to 2022, drug sales in China's three major terminal markets showed a fluctuating upward trend, with sales declining in 2020 and rising in the rest of the year. In 2022, drug sales in the three major terminal and six major markets in China are approaching 1.8 trillion yuan.
The market size of China's chemical pharmaceutical industry is about 883.9 billion yuan, accounting for 47% of the market size of biomedicine industry; The market size of Chinese traditional medicine industry is about 467.9 billion yuan, accounting for 25%; The market size of China's biologic medicine industry is about 516.2 billion yuan, accounting for about 28%. To sum up, at present, chemical drugs occupy a dominant position in China's biomedical industry market, but with the rapid development of the biomedical industry, the proportion of biological drugs will gradually increase, and this pattern will be broken.
In line with the international trend, China is also accelerating investment in science and technology, continuously expanding the space for research and development, optimizing the support structure of science and technology, comprehensively enhancing the competitiveness of research and development, and promoting technological progress and industry development.
c. Company philosophy
Quest for Scinnovation.