In a previous article on trade with China, I stated that many Israeli companies could have strong potential in the Chinese market. Over the next several days I will provide snap-shots of some of the most rapidly growing industry groups in China, which I believe could be targeted by Israeli businesses . This time:
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China Biotechnology industry can be divided into five subsections: bio-pharmacy, bio-agriculture, industrial biotechnology, bio-energy, and bio-environment. Of these five sectors, bio-pharmacy is the most important and fastest growing one. Currently, biotech products are mainly used by the pharmaceutical industry, followed by the food, chemicals, plastics, textiles, and paper industries.
China’s biotechnology market is expected to reach a value of US$180 billion by 2015. Growth of the biotechnology industry in China has long been viewed as strategic by Chinese central government and is included in China’s core economic development plans. Chinese bio-tech industry is expected to continue its expansion for following reasons:
First, with the deepening of china’s healthcare system reform, more people will enjoy the medical insurance, the rural and community medical service will be more extensive.
Second, the increasing use of industrial biotechnology by the Chinese liquid bio-fuel and chemical industries is expected to offset energy safety and environmental concerns generated by China’s robust economic growth.
The expansive use of bioprocesses to produce products such as fuel ethanol and bio-plastics is also likely to contribute to sustainable innovation, productivity gains, and cost savings.