Guangdong to boost biopharma sector

South China's Guangdong province aims to boost annual revenue from its biopharmaceutical and health sector to over 1 trillion yuan ($141.55 billion) by 2027 from 663.8 billion yuan last year, according to an action plan issued on Wednesday to promote high-quality development of its biopharmaceutical sector.

According to the plan, Guangdong aims to lift the total annual revenue of biopharmaceutical enterprises above a designated size — which has grown by 10 percent on average since 2018 — to 500 billion yuan by 2027.

The province tops the country in terms of the number of pharmaceutical manufacturing permits, traditional Chinese medicine enterprises, and medical apparatus and instrument enterprises.