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Bristol-Myers Squibb expects bright future in China
By Ding Yining |
May 15, 2012, Tuesday
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Online Edition
Online Edition
BRISTOL-MYERS Squibb said it is confident of maintaining double-digit sales growth in China over the next five years as it continues to introduce innovative products, the drug maker's top company executives said today.
"Sales in China grew more than 20 percent in the first quarter this year and we're confident to maintain double-digit growth over the next five years," said Beatrice Cazala, executive vice president of commercial operations.
Its global income grew 5 percent in the three months ended March 30.
China is BMS' fifth largest market in terms of revenue as of last year, behind the United States, France, Japan and Italy. The pharmaceutical company expects to introduce at least 6 new products in China to drive income growth.
"We'll continue to invest to reach out to more regions and to distribute our medicines to enhance the coverage in China to keep the growth strength," she added.
She said the firm is looking for acquisition possibilities in the domestic market but added that organic growth is very strong and healthy.
The company also announced a new partnership with Tsinghua University to fund compound targets in oncology and immunoscience.
This year marks the 30th anniversary of BMS' entrance into the Chinese market and in the past five years, research and development investment was US$48 million and its workforce doubled.
The US drug maker announced it will inject a further US$20 million this year to enhance production capacity in Shanghai's Minhang District and optimize its supply chain for its diabetes and hepatitis medicines.
The company estimated sales from innovative drugs to make up about 90 percent of its sales in China within six years, compared with 40 percent in 2011.
It has been teamed with local pharmaceutical companies such as Simcere Pharmaceutical Group and Wuxi Apptec to co-develop compounds that have the potential to be turned into new drugs.
"Sales in China grew more than 20 percent in the first quarter this year and we're confident to maintain double-digit growth over the next five years," said Beatrice Cazala, executive vice president of commercial operations.
Its global income grew 5 percent in the three months ended March 30.
China is BMS' fifth largest market in terms of revenue as of last year, behind the United States, France, Japan and Italy. The pharmaceutical company expects to introduce at least 6 new products in China to drive income growth.
"We'll continue to invest to reach out to more regions and to distribute our medicines to enhance the coverage in China to keep the growth strength," she added.
She said the firm is looking for acquisition possibilities in the domestic market but added that organic growth is very strong and healthy.
The company also announced a new partnership with Tsinghua University to fund compound targets in oncology and immunoscience.
This year marks the 30th anniversary of BMS' entrance into the Chinese market and in the past five years, research and development investment was US$48 million and its workforce doubled.
The US drug maker announced it will inject a further US$20 million this year to enhance production capacity in Shanghai's Minhang District and optimize its supply chain for its diabetes and hepatitis medicines.
The company estimated sales from innovative drugs to make up about 90 percent of its sales in China within six years, compared with 40 percent in 2011.
It has been teamed with local pharmaceutical companies such as Simcere Pharmaceutical Group and Wuxi Apptec to co-develop compounds that have the potential to be turned into new drugs.
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