我国证券市场 10年的发展证明，资本市场已成为医药产业发展的重要融资窗口。在资本的推动下，传统医药、现代制药技术与生物技术的融合已使医药产业出现新的曙光，新技术得到延伸，传统产业得到升华，医药企业在管理、资本运作、技术创新等方面的发展也促进了企业的规模化发展及核心竞争力的提高，成为推动我国医药产业发展的主要动力。 笔者认为，进入新世纪，我国的医药产业面临着医疗体制改革、产业结构调整以及入世后知识产权压力等问题，都将对我国医药产业的发展产生重大影响。天然药物的兴起和现代生物技术的飞速发展又赋予我国医药产业许多机遇，巨大的发展空间毫无疑义将需要资本市场的支持。创业板的设立、激励机制的建立将使科学技术人才的主观能动性得到空前的发挥，我国制药行业将迎来以技术创新为主的发展春天。

The ten－ year development of Chinese securities has showed that capital market has already become a very important channel for financing in the development of medical industries in China. With the driving of capital the integration of TCM, modern pharmaceutical techniques and biotechnology has brought medical industries to a new stage and promoted the extension of new technologies and the further progress of traditional industries, and the development of pharmaceutical companies in their management, capital operation and technical innovations has pushed forward the scale process and the strengthening of competitiveness in key factors of enterprises. They all have become the major driving forces which are advancing the development of medical industries in the country. This article points out that in the new century, all the medical industries in China will face such problems as the reform of medical system, the readjustment of medical industries and the pressure in intellectual property right when China enters WTO, which will exert great impact on the development of medical industries in the country. It should be noticed however, that there exist quite a lot of chances for Chinese medical industries due to the thriving of herbal drugs and the rapid development of modern biotechnology, and the large－ scale development of them undoubtedly needs the support of capital market. With the setting－ up of paterns of founding undertakings and the establishment of stimulation mechanisms the initiative of scientific and technologic personnel will be brought to a full play and Chinese medical industries will step into springtime in which technical innovations will play a major role.