Academic Journal of Medicine & Health Sciences, 2024, 5(9); doi: 10.25236/AJMHS.2024.050908.
Wenmin Ruan
Faculty of Economics and Management, Guangdong Maoming Agriculture & Forestry Technical College, Maoming, China
The purpose of this research is to study Traditional Chinese Medicine (TCM)’s entry barriers in western countries with an analysis of Porter’s Five Forces Model and a case study of TCM attaining legal status in Australia. Although TCM’s interaction with western countries has been more than a century, western scientists and practitioners are still suspicious of the safety and efficacy of TCM. The research found that TCM’s barriers to entry are high, supplier power is rather weak and the TCM industry is large but immature. Suggestions for the government and relevant companies as well as organizations are based on major findings of this research.
TCM, Western countries, Entry barriers
Wenmin Ruan. A Study on Traditional Chinese Medicine’s Entry Barriers in Western Countries Based on Porter’s Five Forces Model: A Case Study of Australia. Academic Journal of Medicine & Health Sciences (2024), Vol. 5, Issue 9: 46-55. https://doi.org/10.25236/AJMHS.2024.050908.
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