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AstraZeneca in new bid to tap generics market
By Ding Yining |
January 5, 2012, Thursday
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Print Edition
Print Edition
ASTRAZENECA yesterday broke ground for its US$230 million manufacturing facility in Jiangsu Province as it seeks to tap into the fast growing pharmaceutical market in China.
The construction of the new site, the largest single production facility of the company globally, may be completed at the end of 2013. The majority of the new plant's capacity will be for the production of generic drugs for AstraZeneca.
"The expiring of patents for some of AstraZeneca's innovative drugs will not impact the Chinese market and we expect to see double-digit growth of sales in 2012 in China," said David Smith, executive vice president for AstraZeneca's global production and supply.
He added that bringing more affordable medicines to a broader group of users in China was a key aspect in the overall strategy for the company in emerging markets which are expected to account for 25 percent of its global sales by 2014.
The company said it would continue to acquire smaller domestic drug companies to introduce more generic drugs into the domestic market. Since 2001 the UK company has operated a production and supply facility in Wuxi, Jiangsu.
The construction of the new site, the largest single production facility of the company globally, may be completed at the end of 2013. The majority of the new plant's capacity will be for the production of generic drugs for AstraZeneca.
"The expiring of patents for some of AstraZeneca's innovative drugs will not impact the Chinese market and we expect to see double-digit growth of sales in 2012 in China," said David Smith, executive vice president for AstraZeneca's global production and supply.
He added that bringing more affordable medicines to a broader group of users in China was a key aspect in the overall strategy for the company in emerging markets which are expected to account for 25 percent of its global sales by 2014.
The company said it would continue to acquire smaller domestic drug companies to introduce more generic drugs into the domestic market. Since 2001 the UK company has operated a production and supply facility in Wuxi, Jiangsu.
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