WUXI, China -- British pharmaceutical company AstraZeneca PLC Saturday unveiled in this city near Shanghai a new plant that it said is its biggest investment project in Asia.
The company said it has invested $100 million in the factory, which will produce medicine such as the ulcer drug Losec.
AstraZeneca's opening of its Wuxi plant comes at a time when many multinational pharmaceutical companies are trying to get a foothold in China's drug market, which is expected to expand sharply as the country's aged population grows.
Also, China's anticipated entry into the World Trade Organization later this year is expected to make it easier for foreign companies to sell their products in China.
"There are over a billion people in China. It is potentially a very large market. I believe the prospects for new medicines coming into China are very good," said AstraZeneca chief executive officer Tom McKillop at a news conference.
"We see China becoming a very large market indeed over a long period of time," he said.
The plant is estimated to have an annual production capacity of 1.5 billion tablets, 70 million capsules, 2.5 million bottles of oral solutions, 4 million bottles of dose-aerosols and sprays and 6 million vials of sterile products, AstraZeneca said.
It will produce products for local consumption, but in the future might manufacture drugs for export, the company said.
The plant has a total floor area of 32,000 square meters and is situated in a 96,000-square-meter lot, AstraZeneca said.
|
If you have come to this page from an outside location click here to get back to mindfully.org |