China's growing over the counter medicine market

In 2020 China updated its drug regulations, enabling OTC drugs to enter the market utilizing a new, faster, and cheaper registration process. These new regulations, coupled with consumer demand for U.S. manufactured OTC drugs, presents strong market opportunities for U.S. companies. According to BMI Research, China’s OTC medicine market was valued at $18.0 billion in 2019 and is forecast to reach $21.2 billion by 2024.

China’s National Medical Products Administration has already approved a pilot program for the first bonded warehouse for OTC drugs sold through eCommerce channels into China. Foreign manufacturers can store products and fulfill customer orders utilizing Beijing’s Tianzhu bonded warehouse. A similar project now exists in Hangzhou, southern China.

For more information contact Office.Beijing@trade.gov