SPECIFICATION

API products include biochemical APIs, natural product extracts, and synthetic pharmaceutical APIs. According to Health Network’s tracking of import and export volumes for ten consecutive years, the trend for imports and exports after 2023 showed a growth in the former and a plateau in the latter. Specifically, in 2025, the total import value of raw materials was USD 10.1 billion, representing a year-on-year increase of 16.64%; while the total export value was USD 34.7 billion, with only a slight change of 0.03% year-on-year.

The reasons for this phenomenon are multifaceted:

Firstly, the domestic industry, especially the bulk active pharmaceutical ingredients (APIs) and low-cost APIs and intermediates, faces a situation of overcapacity and increasingly fierce price competition, leading to a situation where exports increase but value does not;  

Secondly, in the field of mid-to-high-end active pharmaceutical ingredients (APIs) and key intermediates, China has also formed positive competition with the API industries in India, Europe, and the United States, and has gained market share by controlling costs and lowering prices;  

Thirdly, the global pharmaceutical supply chain exhibits a trend of diversification on the one hand, and on the other hand, the industrial concentration is continuously upgrading, resulting in frequent market changes and cyclical fluctuations in industrial adjustments;  Fourthly, sudden events and abnormal changes in certain product categories or supply chains have led to increased uncertainty in supply-demand relationships.