The Traditional Chinese Medicine (TCM) market has been growing at a faster rate than the Chinese pharmaceutical industry as a whole, and according to Chinese news sources (Xinhua News Agency) the value of the TCM industry is increasing 23% annually. This can be attributed to the advantages of using TCMs as compared with conventional Western medicines: TCM uses a holistic approach to disease which treats the patient’s general health rather than just treating the symptoms. TCM medicines have less side effects than conventional Western medicines which can often cause multiple side effects. TCM is generally less expensive than conventional Western medicines.
The Traditional Chinese Medicine Market
Traditional Chinese Medicine (TCM) has been in existence for over 3,000 years and is deeply rooted in Chinese philosophy. Many of the principles are based on ancient medical texts. For example, Huangdi Neijing, also known as “The Yellow Emperor’s Inner Canon,” is a set of ancient Chinese medical texts which has provided the founding doctrine for Chinese medicine for several centuries. Due to the importance of these texts, they have been adopted and translated into several different languages including English.
In the 1950s, Chinese medicine began to integrate anatomy and physiology from modern Western medicine, while keeping with many of its original practices. Today TCM continues to use many of its ancient medicines and practices such as herbal medicines, acupuncture, massage therapy (Tui na), exercise (qigong) and dietary therapy. In China, about 95% of general hospitals have TCM departments, formal TCM training is part of the national health program, and health insurance covers TCM diagnostic and therapeutic services. Thus, the system strongly supports the practice of TCM. According to data published by China’s Shandong University, hospitals practicing TCM currently treat more than 200 million out-patients and about three million in-patients per year.
Some traditional Chinese medicines have already entered foreign markets, as indicated by the notable increase in TCM exports – according to statistics from the China Chamber of Commerce for Import and Export of Medicines and Health Products, between January and September of this year, TCM exports increased 7.2%. While TCM is already very popular in Japan and South Korea, it is gaining more acceptance in US and European markets. There is still some controversy over the effectiveness and purity of these treatments, as well as whether they can be used in conjunction with or in place of conventional Western medicines. The impact of TCMs on the rest of the pharmaceutical industry has yet to be determined.
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