China Medicine Corp reported its revenue for the first six months of 2007 reached $13.4 million meaning a 70.2 percent increase over the same period in 2006.
China's pharmaceutical market is expected to be the world's fifth largest by 2010 and the largest by 2050. The Chinese drug market is currently valued at $18.5 billion reporting a 14 percent increase in annual growth. By 2010 it is expected that drug sales will rise to $28 billion.
The company said the growth will allow CHME to capitalize on and potentially raise its revenue forecasts in a pharmaceutical industry that is keeping pace with China's booming economy.
China Medicine is a distributor of medical products, traditional pharmaceutical medicines, traditional Chinese medicines, Chinese herbs and dietary supplements to over 28 provinces and 2,500 customers within China. The company sells more than 1,500 products and is actively building a pipeline of proprietary traditional and Chinese herbal remedy products targeting oncology, high blood pressure and the removal of Aflatoxins from food and animal feed.