The pharmaceutical industry is picking up steam in Taizhou and is targeted to surpass 100 billion yuan in scale by 2021. [Photo/taizhou.com.cn]

The pharmaceutical industry is picking up steam in Taizhou and is targeted to surpass 100 billion yuan ($14.9 billion) in scale by 2021, as the city endeavors to build itself into a world-class pharmaceutical manufacturing hub.

The city, located in East China's Zhejiang province, is now home to numerous listed pharmaceutical enterprises including Zhejiang Hisun Pharmaceutical Co, Zhejiang Tianyu Pharmaceutical Co and Zhejiang Huahai Pharmaceutical Co.

In recent years, several leading companies have also accelerated overseas expansion. Nearly 300 products produced by more than 30 companies in the city have been exported to more than 120 countries and regions worldwide.

Taizhou is emerging as a significant source of active pharmaceutical ingredients (APIs).

Huahai Pharmaceutical is the only Chinese pharmaceutical company that sells pharmaceutical preparations on a large scale in the United States, with 11 products ranking first in terms of market share in the country.

Eighty percent of APIs produced by Hisun Pharmaceutical are sold overseas, with more than 100 varieties having been sold to over 70 countries and regions across the world.

Pharmaceutical enterprises in Taizhou are making significant headway in scientific and technological innovation, said Ye Xingfu, deputy head of the Taizhou municipal bureau of market supervision.

The strong results are a testament to the outstanding and noble efforts made by the local government in drug safety supervision.

In addition to traditional approaches, a digital inspection system has been put in place in Taizhou, which employs technologies such as big data, internet and modern communication to strengthen quality supervision on drug products.

The local authorities have also rolled out a slate of policies to fuel the sector's growth. Measures to streamline the approval of drug certificates have greatly helped local pharmaceutical enterprises to expand business overseas.