Schering-Plough expands in China
pharmafile | August 15, 2008 | News story | Sales and Marketing |
Schering-Plough has expanded its presence in China by taking full control of an existing partnership based in Shanghai.
The company has acquired the shares of two former joint venture partners to create Shanghai Schering-Plough Pharmaceutical.
The move reflects Schering-Plough's desire to grow within Asia as part of its long-term global expansion strategy.
Fred Hassan, the group's chief executive said: "Investing in the Asia-Pacific Region, and especially China, represents another step in our journey to transform Schering-Plough into a global high-performance health care company. With a long-term presence in China, Schering-Plough now takes a significant step forward in its strategic development to further build growth and strength in this important market".
In 1994 Schering-Plough struck a co-marketing partnership arrangement with Shanghai Pharmaceutical Industry and Shanghai Pharmaceutical Group in the areas of allergy and skincare. The growing portfolio now includes respiratory, cardiovascular, central nervous system, oncology, infectious diseases and womens health products.
Trevor Juniper, general manager of Schering-Plough China said the agreement had been an integral part of Schering-Plough's success in China: "We have built a solid foundation in the Chinese market, which continues to offer great potential. [The new company] demonstrates our commitment to partner with our customers and to further contribute to the health care needs of Chinese patients", he said.
Cheaper costs in China have made it increasingly popular as a venue for clinical trials and the population size and flourishing economy makes it a target market for Big Pharma, which have made huge investments in the country over the past decade.
Last year Roche announced its intention to build a second R&D centre in the country, at an estimated cost of $100 million.
