British drugmaker to invest $200 mn in ChinaJanuary 5th, 2012 - 2:13 pm ICT by IANS
Beijing, Jan 5 (IANS) AstraZeneca, Britain’s second biggest drugmaker, will invest $200 million at a manufacturing plant in eastern China, the government announced Thursday.
This will be the company’s largest investment in a single facility. The construction started Wednesday at China Medical City in Taizhou in Zhejiang province.
It will produce both intravenous and oral solid medicines for the company’s growing business in China, Xinhua reported.
The plant will be ready by 2013. It is set to earn six billion yuan ($950 million) annually after it starts operation.
The company’s business in China has grown rapidly since it first launched operations in the country in 1993.
“We believe the Chinese government’s focus on the healthcare reform, its investment in improving the healthcare infrastructure, and expansion of insurance coverage will continue to drive growth and demand for high-quality medicine over the long-term,” David Smith, executive vice-president of the London-based drugmaker, said in a statement.
- Drug Maker, AstraZeneca, To Reimburse $520 Million - Apr 28, 2010
- Honda to build fourth motorcycle plant in Indonesia - Mar 14, 2012
- 200,000 evacuated in China in fear of typhoon - Aug 06, 2011
- China 'to become world's most important center for innovation by 2020' - Dec 06, 2010
- Bristol Myers Get Approval For Their Diabetes Drug - Nov 07, 2010
- Infosys bags global services deal from UK pharma firm - Dec 15, 2008
- Drug Maker AstraZeneca Slapped With $520 Million Fine - Apr 28, 2010
- Best And Worst 401K Plans 2010: A Glance - Oct 18, 2010
- DrugMaker AstraZeneka Fee $520M In Non-FDA Approved Marketing - Apr 28, 2010
- 1.28 bn Chinese covered by medical insurance - Oct 12, 2011
- 60-year-old 'stud' in pregnancy trouble! - Mar 21, 2012
- Noble Prize, AstraZeneca under scrutiny for corruption claims - Dec 19, 2008
- Emami to open plants in Bangladesh and Egypt - Jul 06, 2012
- Chinese agency suffers losses abroad - Jun 02, 2012
- Rich get richer in China - Mar 28, 2012
Tags: astrazeneca, business in china, china beijing, china medical, chinese government, david smith, eastern china, executive vice, healthcare reform, insurance coverage, manufacturing plant, medical city, medicines, quality medicine, six billion, taizhou, vice president, xinhua, yuan, zhejiang province