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October 22, 2009

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Home » Business » Manufacturing

German drug firm invests to tap growing market

GERMANY-BASED Boehringer Ingelheim yesterday said it will invest 100 million euros (US$149 million) on China's mainland to tap the pharmaceutical market.

The drug maker will expand its pharmaceutical production capacity at its plant in Shanghai's Zhangjiang High-Tech Park and set up a Chemical Competency Center.

The center will focus on developing new vaccines for viruses that are peculiar in Asia Pacific. The drug maker's investment also includes a new animal health products manufacturing facility.

"We're hoping to see a 35 percent annual sales growth in China in the next five years," said David Preston, chairman and CEO of Boehringer Ingelheim Shanghai Pharmaceutical Co. "We are relatively a late comer in the market so we have to catch up in the next few years."

The firm will also recruit an extra 500 sales personnel in China by as early as December, bringing its total employees in the country to around 1,500.

"Expanding our business in emerging markets will be our key strategy and the driving thrust for our future growth," said Engelbert C. Tjeenk Willink, member of the board of BI.

It aims to raise its market share in China to 1.48 percent by 2020 from 0.4 percent now, said IMS, a pharmaceutical consultancy.




 

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