Abstract
ABSTRACTMergers and acquisitions (M&As) have greatly shaped China's pharmaceutical industry since the early 1990s. To study the M&As' causal factors and impact, a literature review and interviews were used to examine this rapidly changing era in the nation's development. The Chinese government made M&A a strategic choice to revive the thousands of state-owned enterprises and to restructure its weaker industries, including the pharmaceutical industry. Hundreds of failed pharmaceutical companies were saved. Advanced management and technology have been fostered and distributed through M&As. The competitive capability of the pharmaceutical industry has been improved. However, due to the legacy from the central planning time, there remain problems that need to be solved. As China takes further steps toward a market economy now under World Trade Organization directions, M&As will play an even more active role.
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