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Traditional Chinese medicine (TCM) is an important industry in China, taking up about ** percent of the domestic pharmaceutical market. Among over market players, Yunnan Baiyao was the most valuable TCM enterprise in China, with a market cap of more than ** billion yuan as of September 2022. Beijing Tongrentang and Guangzhou Baiyunshan Pharmaceutical followed with a combined market value of *** billion yuan.

Yunnan Baiyao: traditional medicine with modern life

Long established TCM companies often face a dilemma over how to modernize their products. Yunnan Baiyao, which is well known for its white powder (baiyao) that stops bleeding and prevents infection, is one of the pioneers that introduce TCM ingredients into personal care products. As such, baiyao is infused with toothpastes and shampoos alongside other TCM herbs. By marketing its new products as “medicated”, the once ailing company now generates over *** billion yuan of gross profit each year.

TCM continues to maintain relevance

TCM has been a part of Chinese culture for thousands of years, which combines medical knowledge with Chinese philosophy and history. Its key concept is to restore the balance of Qi, the vital force of life, through less invasive treatments such as acupuncture, herbal remedies, and cupping. Many Chinese consumers believe the TCM therapeutic approach is effective.