China has placed modern biotechnology as its development priority in the pharmaceutical industry in the next five years, according to an outline released by the State Economic and Trade Commission (SETC).

Some 10 to 15 kinds of biomedicine with patents will be developed in the coming five years. Advanced and suitable biotechnology will be applied to upgrade the country's pharmaceutical industry.

Venture capital will be introduced to establish a special fund and to channel investment into the industry. More exchanges will be promoted between the research and development institutes and pharmaceutical manufacturers so as to guide the latter to be involved in the initial stages of research.

Meanwhile, modernization of Chinese medicine and development of preponderant materials are also on the list of the SECT layout.

During the period from 2001 to 2005, the gross value of the drug industrial output will be increased at 12 percent every year and the import and output value at 6 percent per year.

(People's Daily 06/28/2001)