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"Even though the market space for developing generic drug is fairly attractive, we will continue to focus on developing innovative drugs, because we are inspired by the progress China has been making to give more easy access for the patients to both home-made and imported drugs," said Du.

"Data is the one thing that keeps the industrial internet engine humming. China's generation of troves of data and the consequent user cases are valuable to enrich the experiences of international firms," he said.

"Deglobalization sounds good until you need to design a product in a competitive marketplace," the report said, adding that globalization happens because it creates value and broadens a corporation's capabilities.

"Digitalization is the basis for synergetic development of the biomedical industry. The network links biomedical enterprises, financial institutions, the government, and the whole industrial park," Yang said.

"Due to recent drops in prices of bulk commodities and other factors, indices for purchasing prices of major raw materials and for ex-work goods shrank to the lowest this year," said NBS senior statistician Zhao Qinghe, citing price slides as a major drag to the PMI reading.