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Leap or Stagnation?: Mapping the Global Value Chain of China’s Pharmaceutical Industry

This study evaluated the growth of the Chinese pharmaceutical industry in terms of GVC using OECD-TiVA (2021). China's global value-added production and export share, its participation in front-to-back GVCs, and the share of domestic value-added included in intermediate goods exports have all increased rapidly. On the other hand, the Chinese pharmaceutical industry still relies on huge internal and external demand for low-cost generics, and R&D innovation is also not showing clear results in terms of added value at the GVC level. In other words, quantitative growth through increased production is remarkable, but qualitative development through technological innovation is stagnant. If global pharmaceutical companies' IPR checks and the US technology pressure continue, the Chinese pharmaceutical industry will continue to experience difficulties in transitioning to high-value-added industries, and the low-value-added GVC participation structure may become more entrenched. The Chinese government and companies are making efforts to achieve qualitative development by investing intensively in the biopharmaceutical industry, but it is still uncertain whether such an attempt will be successful due to the nature of the industry where the R&D technology cycle is long and the existing global companies are competitive.