Pfizer to invest USD350 mn in China biotech hub

 28-Jun-16, Reuters

Pfizer Inc will invest $350 million to build a biotech center in China, the latest in a series of moves by pharma industry giants to set up shop in the world's no. 2 drugs market with the aim of securing faster approvals for their products.

Image: Reuters / Andrew Kelly

The facility in eastern Hangzhou region - Pfizer's first biotech center in Asia - is expected to be completed by 2018.

Global "Big Pharma" is increasingly looking for smart ways to tap China's healthcare market, worth around $185 billion by 2018. From investing in China facilities to acquisitions, licensing deals and joint ventures, the aim is to seek an edge in dealings with domestic regulators and government.

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