Business
November 01, 2005
Pfizer inaugurates R&D center in Shanghai
US pharmaceuticals giant Pfizer Inc. inaugurated a research and development center in Shanghai Monday to provide technological support to its global operation, particularly its business in China and the rest of Asia.
Company sources said research and development in China is an indispensable part of the company's global R&D program that involves 7.9 billion US dollars.
Joseph Feczko, Pfizer's chief medical officer, said China is a huge market with a multitude of outstanding professionals. The Shanghai establishment is aimed at expanding Pfizer's research and development capacity and contributing to China's knowledge-based industries and infrastructure as well, he said, adding his company will spend about 25 million US dollars on the Shanghai center in the coming five years.
Following the inauguration of the center, Pfizer plans to launch a number of cooperation projects in China, he said.
Pfizer started its China business in 1989 and has introduced 40 types of drugs ever since. It has invested more than 500 million US dollars in China and set up production facilities in Dalian, Suzhou and Wuxi.
In the coming five years, the company plans to launch another 20 new drugs in China.
Source: Xinhua
Copyright by People's Daily Online, all rights reserved