SHANGHAI - Chinese authorities have approved 113 domestically developed innovative drugs for market entry since 2021, with the scale of the market now at 100 billion yuan (about $13.89 billion), a conference in Shanghai revealed on Saturday.

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According to a report released during the ongoing China Pharmaceutical Industry Development Conference, 165 innovative devices have been approved in the medical device sector during China's 14th Five-Year Plan (2021-2025) period. Many of these devices incorporate cutting-edge technologies, including deep learning, magnetic levitation and magnetic resonance monitoring.

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The report also notes significant progress in China's industrialization of biological drugs, in its advancement of intelligent manufacturing, and in the green development of the active pharmaceutical ingredient industry.

The conference kicked off on Saturday and lasts until Nov 18.