Possible 5-year plan for bio industry

The total output value of China's biotechnology industry is likely to hit 4 trillion yuan ($630 billion) by the end of 2015. The government is mulling on a five-year development plan for the industry, China Securities Journal reported on Wednesday, citing an official at the Ministry of Industry and Information Technology, or MIIT.

The 12th Five-year Plan (2012-2015) for China's biotechnology industry may be given the nod by the central government soon, said Li Hong, head of the medicine-development desk at MIIT. The plan will focus on the development of new chemical drugs, biomedical engineering and the modernization of traditional Chinese medicines, according to Li.

The report did not disclose the possible release date of the plan.

Meanwhile, the pharmaceutical sector is poised to contribute about 90 percent of the output value, which amounts to about 3.6 trillion yuan, said the report. The sector was valued 1.5 trillion yuan by the end of 2011.

MIIT announced earlier this year that the nation's pharmaceutical sector is expected to witness an annual increase of 20 percent in the next four years.