BEIJING, Oct. 24 -- China's pharmaceutical industry has seen its main business revenues grow at an annual average of 9.3 percent since the beginning of the 14th Five-Year Plan period (2021-2025), the Ministry of Industry and Information Technology (MIIT) said on Tuesday.

The sector's combined profits have grown at an annual average of 11.3 percent, MIIT official He Yaqiong told a press conference.

MIIT data shows that the average annual investment in the industry's R&D has exceeded 20 percent.

The ministry will facilitate the creation of a collaborative, innovative manufacturing platform for the pharmaceutical industrial chain. The ministry will also support the establishment of a pharmaceutical industrial chain research institute with industry associations, leading enterprises and research institutions involved, the official said.

The ministry will host a conference on the development of China's pharmaceutical industry from Nov. 17 to 19.