In the words of President Xi, “Traditional Chinese Medicine is a national treasure that represents the achievements from Chinese ancient research and science. It has been the key to a long-standing Chinese civilization. In modern times, developments in Chinese medicine allow it to be produced using favorable climatic, geographical and humanitarian conditions.” Since it was founded in 2017, Beijing Huayi Institute of Research for Chinese Medicine has attracted a great deal of attention from across the industry by launching a series of secret Chinese therapies. These therapies focus on collecting, developing and applying previously undisclosed Chinese medicine recipes and techniques. Due to the excitement around the project, our journalist conducted an exclusive interview with Lin Chen, the Managing Director for Beijing Huayi Institute of Research for Chinese Medicine.
Lin Chen, Managing Director at Beijing Huayi Institute of Research for Chinese Medicine
Q: The Chinese medicine industry is well-established and with a wealth of existing expertise; as an entrepreneur why have you chosen to invest in this industry?
A: According to the ‘White Paper on Traditional Chinese Medicine in China’, historically Chinese medicine has been developed with the merits of being inclusive, innovative and open. Chinese medicine has helped form a unique view of life, health, diseases, prevention and treatment which has brought together natural and human sciences as well as embodying the profound philosophical thoughts of the Chinese nation. With the shift in public opinion in regards to health and medical treatment, the distinct value of Chinese medicine is increasingly appealing.
The Chinese President has openly announced that the Chinese medicine industry has been opened to society, welcoming the injection of social capital and collaborations with companies. Historical opportunities, policy guidance and market potential having been the driving motivation for us to establish the Institute of Research for Chinese Medicine and invest in the development of Traditional Chinese Medicine recipes.
Q: You mentioned that there are 3,813 companies producing Chinese medicine in this country. What’s the unique philosophy that sets Beijing Huayi Academy of Traditional Chinese Medicine apart from the other companies?
A: The ‘Laws of Traditional Chinese Medicine’ clearly specifies that Traditional Chinese Medicine is a collective name for medicines of all ethnic groups in China including Han and other minorities. It has time honored historical traditions and unique theories or techniques which are a reflection of Chinese people’s understanding of life, health and disease.
Due to the irregular nature in which Chinese medicine is passed down and inherited combined with the changing social structure of Chinese families over generations, some folk remedies which were previously widely circulated and demonstrated obvious curative effects are now facing the risk of being gradually lost with time. One of the Huayi Institute of Research for Chinese Medicine’s missions is to conduct systematical research, screening, sorting and developing of folk remedies and secret treatments. These family remedies will be taken by prominent experts at the institute, standardized, scientifically improved and optimized. Through marketization, the Traditional Chinese Medicine will be able to move past old and vague prescriptions allowing the market to shine with a new vitality, simultaneously promoting the development of Traditional Chinese Medicine and stimulating business growth.
Our philosophy is to follow the laws of market economy by adopting a sustainable development model and organizing social funds to develop and protect the recipes and skills of Traditional Chinese Medicine practice. With the vision of serving all patients and the belief of “extensive treatment and honesty”, we will build one of the most-trusted Chinese medicine research institutes.
Beijing Huayi Institute of Research for Chinese Medicine was established in 2017; within one year, it has set up three branches in Hunan, Hainan, and Jiangsu, and preparations for a further two regional branches are underway. In addition, with the advantage of having its headquarters located in a diplomatic apartment in Beijing, the institute will use the “One Belt and One Road” policy to achieve convergence with the international market as soon as possible and actively implement the strategy of going abroad.
Voluntary diagnosis activity in Nanjing
Q: As an entrepreneur, in your opinion what are the business prospects for the Traditional Chinese Medicine industry?
A: The Chinese medicine industry has maintained a rapid growth rate for many years. At present, the global market share of Traditional Chinese Medicine has reached more than 300 trillion US dollars, and is increasing at an annual rate of 10% to 20%. China plans to raise the development of the Traditional Chinese Medicine market to a strategic level. It is estimated that the market size of the Traditional Chinese Medicine industry will reach as high as RMB 3 trillion in the next five years.
Some experts have pointed out that as China’s new industrialization, informatization, urbanization, and rural modernization develop in depth, the process of population aging accelerates, and the health service industry flourishes, the people’s demand for Traditional Chinese Medicine services is growing increasingly stronger. There is an urgent need to inherit, develop, and make good use of Traditional Chinese Medicine, allocating a fuller role for Traditional Chinese Medicine in deepening the reform of the medical and health system to better benefit human health.
It can be seen that the Traditional Chinese Medicine industry has a vast market and great potential for development. We must combine our own strengths and utilize capital to speed up the study of secret remedies from famous TCM practitioners. From there, we can form the industrial development of a few remedies and market knowledge inheritance of the majority of secret recipes to finally create the closed industrial chain of herbal medicine from recipe and prescription to-pharmacy and hospital.