China's drug retail sales hit 188 bln yuan

China's drug retail sales reached 188.5 billion yuan (about 29.9 billion U.S. dollars) in 2011, according to figures released by the China Medical Pharmaceutical Material Association on Wednesday.

Xu Yuping, vice president of the association, said at a press briefing that there were 400,000 retail pharmacies and 2,310 chain pharmacies in the nation last year.

Xu also said that problems existed in information sharing and product structure in terms of cooperation between pharmacies and suppliers.

Xu said that these problems have led to higher product procurement costs, which have not only hampered the growth of the industry, but have also added to consumer spending on medicine.

To reduce procurement costs, the association plans to hold an international pharmacy fair in Kunshan, Jiangsu Province, in December to construct a direct platform for pharmaceutical companies and pharmacies.

In a separate report released by Sinohealth in late August, the size of the domestic drug retail market is expected to reach 226.8 billion yuan by 2012. Drugs will account for 76.1 percent of the total, and non-drugs will make up the remaining 23.9 percent.