Chinese pharmaceutical sales to the United States rose by 9.4% in the month of June from a year earlier, a Reuters poll of economists shows.
Analysts surveyed by Reuters expected the rise to be in line with estimates from other economists, but they said the data was not yet fully comparable to those from the United Kingdom, where drug sales to Chinese companies are also growing faster.
The U.K. said on Wednesday that it sold 7.7 million prescriptions in the first quarter, a 2.9% increase from the same period a year ago.
Analytically, it is a significant jump.
“The U.KS. was a much smaller market and they’re getting much better results,” said Scott L. White, a senior analyst at S&P Dow Jones Indices.
The market is expected to hit a peak of $6.5 billion in 2020, with annual growth in the pharmaceuticals sector set to surpass 10%.
China has the world’s largest pharmaceutical market, but it is facing a slowing economic recovery and worries about drug shortages.