Subject category:
Economics, Politics and Business Environment
Published by:
Amity Research Centers
Length: 10 pages
Data source: Published sources
Abstract
With an extensive history, Traditional Chinese Medicine (TCM) had been the fruit of the intelligence of Chinese people in their battle against diseases. As medicine and technology developed alongside the pursuit for improved understanding about its scientific basis, there was a growing interest in TCM. Its long history of use for treating certain challenging diseases leading to curative effects, relatively lower costs and fewer side effects earned it wide recognition. The idea of globalisation of TCM was launched in 1996, and it hinged on increasing the volume of import as well as export so that its expansion could be pushed forward to promote its international trade sustainably in addition to fostering the market share. TCM's legal status in overseas countries also had to be established properly to guarantee reasonable market entry besides enabling its sustainable development. However, the progress was allegedly stagnated in subsequence as seen in a decline in export volume. High policy thresholds allegedly impeded TCM's internationalisation. While in some countries, TCM was sold as a pharma drug, in some other countries and regions, it had approval for sales as 'healthcare product', dietary supplement or active pharma ingredient. Besides, with gradual expansion of the global market for natural medicines, some developed countries implemented trade protectionism to safeguard the interests of the native pharma companies. In the process, TCM had to face several technical barriers to trade thereby hampering the process of its globalisation. What strategies could help in surmounting those barriers impeding the globalisation of TCM?
Subject category:
Economics, Politics and Business Environment
Published by:
Amity Research Centers
Length: 6 pages
Data source: Published sources
About
Abstract
With an extensive history, Traditional Chinese Medicine (TCM) had been the fruit of the intelligence of Chinese people in their battle against diseases. As medicine and technology developed alongside the pursuit for improved understanding about its scientific basis, there was a growing interest in TCM. Its long history of use for treating certain challenging diseases leading to curative effects, relatively lower costs and fewer side effects earned it wide recognition. The idea of globalisation of TCM was launched in 1996, and it hinged on increasing the volume of import as well as export so that its expansion could be pushed forward to promote its international trade sustainably in addition to fostering the market share. TCM's legal status in overseas countries also had to be established properly to guarantee reasonable market entry besides enabling its sustainable development. However, the progress was allegedly stagnated in subsequence as seen in a decline in export volume. High policy thresholds allegedly impeded TCM's internationalisation. While in some countries, TCM was sold as a pharma drug, in some other countries and regions, it had approval for sales as 'healthcare product', dietary supplement or active pharma ingredient. Besides, with gradual expansion of the global market for natural medicines, some developed countries implemented trade protectionism to safeguard the interests of the native pharma companies. In the process, TCM had to face several technical barriers to trade thereby hampering the process of its globalisation. What strategies could help in surmounting those barriers impeding the globalisation of TCM?
Settings
Related
Subject category:
Economics, Politics and Business Environment
Published by:
Amity Research Centers
Length: 6 pages
Data source: Published sources