Pfizer Inc will invest US$350 million to build a biotech centre 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.
The facility in eastern Hangzhou region - Pfizer's first biotech centre in Asia - is expected to be completed by 2018, the firm said in a statement on Tuesday.
Global "Big Pharma" is increasingly looking for smart ways to tap China's healthcare market, estimated by consultancy IMS Health to be worth around US$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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The facility in eastern Hangzhou region - Pfizer's first biotech centre in Asia - is expected to be completed by 2018, the firm said in a statement on Tuesday.
Global "Big Pharma" is increasingly looking for smart ways to tap China's healthcare market, estimated by consultancy IMS Health to be worth around US$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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