Ningbo launches pharmaceutical trade platform targeting CEE markets

Ningbo launched a cross-border pharmaceutical trade platform on Sept 22, connecting Chinese drug and medical device suppliers with buyers in Central and Eastern European countries.

Established under the guidance of China's National Healthcare Security Administration, the platform is the country's first specialized pharmaceutical trading platform targeting Central and Eastern European markets.

Nearly 500 suppliers and more than 20 overseas buyers have joined so far, with over 4,000 products listed. They range from active pharmaceutical ingredients and finished drugs to traditional Chinese medicine products, diagnostic reagents, medical consumables and equipment.

The platform is designed to bring product listings, buyer-supplier matching and trade services into one system. It also provides support for customs clearance, logistics, cross-border payments, and export tax refunds.

Several major Chinese pharmaceutical and medical equipment companies have already listed products, while Slovenian pharmaceutical company KRKA was among the overseas companies represented at the launch.

The platform has recorded more than 200 million yuan ($29.82 million) in transactions during its trial operation. Ningbo-based pharmaceutical company Menovo said it had generated nearly $10 million in sales of active pharmaceutical ingredients and prescription drugs through the platform.

The platform will continue adding trade and market-development services as it seeks to help Chinese pharmaceutical companies reach more international buyers.