As the government expressed again its support to boost the industry, traditional Chinese medicine (TCM) firms are eyeing to further expand globally, China Daily reported.
Company officials of Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., the country's biggest patent drug maker, said that they are setting up a fund worth 200 million yuan to get hold of a larger overseas share in the next five years.
Wang Wenchu, the firm's deputy general manager, shared that the fund will be mainly allocated for global market operations, international partnerships and for the overseas registration of their TCM products.
Last month, the Guangzhou Wanglaoji Great Health Industry, a unit of the firm which focuses on herbal tea, inked a deal with a Nigerian company to sell its Wanglaoji tea.
The product, which has sales of over 20 billion yuan in 2014, is currently available in more than 50 countries and regions.
The Beijing Tong Ren Tang Group Co. Ltd. is also setting its sight to overseas expansion, its deputy general manager, Ding Yongling, stated.
Tong Ren Tang is eyeing to acquire local medicine stores, clinics and TCM companies abroad. To date, it runs 115 medicine stores in 25 countries and regions, Ding added.
The firm pulled off a revenue worth $92.3 million from its operations overseas.
During the discussion of the draft of China's first TCM law, the government reiterated its strong commitment to the sector.
Tackled by the Standing Committee of the National People's Congress, the law is foreseen to significantly aid TCM firms to offer more products to patients across the world.