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Merck invests big in Shanghai facility
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German drugmaker Merck KGaA has invested 80 million euros (US$107.67 million) in a manufacturing plant in China, the company said yesterday, underlining the importance of the market for global drug firms.
The Shanghai-based unit will come online in 2017, producing drugs to treat China’s fast growing number of diabetics as well as cardiovascular and thyroid disorders, Merck’s biopharmaceutical unit said.
Spending in the country’s healthcare sector is forecast to nearly triple to US$1 trillion by 2020 from US$357 billion in 2011, according to McKinsey, which has prompted many firms to invest in Chinese facilities and set up joint ventures with local companies.
The investment comes as international drug companies have come under pressure in China this year with authorities clamping down on the high price premiums many of them enjoy and a number of drugmakers have been caught up in corruption allegations.
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