The output value of the Traditional Chinese Medicine (TCM) industry is expected to exceed 550 billion yuan ($86.35 billion) by 2015, reported Yunnan Information Newspaper, citing an industry development plan.

The Pharmaceutical Industry Development Plan during the 12th Five-Year Plan period was released by State Administration of Traditional Chinese Medicine.

The plan also predicted that the industry will maintain an average annual growth rate of over 12 percent.

In addition to the TCM industry, the plan expressed strong support for the development of TCM health care services, encouraging social capital to establish traditional Chinese medical institutions, promoting standardization and chain development of TCM outpatient departments and TCM clinics, encouraging Chinese medical professionals and technical personnel to open TCM clinics, and allowing drug retailers to offer TCM services at drugstores.

Qualified traditional Chinese medical institutions will be covered by China's medical insurances, said the report.