China is taking steps that might propel it into the vanguard of the world's pharmaceutical leaders.

Although the Chinese drug industry has a reputation for producing low-quality medicines, with virtually no capability for discovering blockbuster new drugs, leaders are reportedly planning to become a major force in the pharmaceutical world.

The Chinese government has launched initiatives to bolster the nation's research and development capabilities at universities and research institutes. And the nation is also revising its drug approval process to speed innovative new drugs to market.