They have a powerful champion in President Xi Jinping. His government has praised traditional Chinese medicine’s “positive impact on the progress of human civilisation”. Between 2012 and 2019 alternative treatments’ share of medicine sales in China increased from 31% to 40%. The figure is probably higher today, given their widespread use against covid. As Hong Kong grappled with outbreaks this year, 1m packets of lianhua qingwen were sent to the territory from the mainland.
Since 2020 China has also promoted the supposed benefits of lianhua qingwen in places struggling to procure covid jabs and treatments. Nearly 30 countries have approved the formulation for import, and some, including Kuwait and Laos, to treat covid. Belarus has signed an agreement with China to build a factory to churn out traditional Chinese medicine in Minsk.
Regulators in America and Singapore have warned against using lianhua qingwen to treat covid. That has not put off investors. As earnings go, makers of traditional medicines have a big advantage: their reliance on ancient wisdom saves them billions in research-and-development costs. Pfizer and AstraZeneca funnel a fifth of their revenues, give or take, into r&d, according to Bloomberg. For Yiling and Beijing Tongrentang the figures are, respectively, 7.8% and 1.2%. ■
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