Astra Zeneca to Invest $200 Million in New Manufacturing Facility in China
British pharmaceutical giant AstraZeneca today announced that it would invest $200 million into a new manufacturing facility located in China Medical City in Jiangsu province in Eastern China. This is the company’s largest global investment ever in a single manufacturing facility. The new plant which will be completed by 2013 will manufacture intravenous and oral solid drugs.
AstraZeneca was one of the first Western pharmaceutical companies to establish a presence in China (1993) and has fast become one of the leading biopharmaceutical companies in the country doing about $1.0 billion in business annually.
Many of Astra Zeneca’s competitors including Novartis, Roche, Merck & Co. and others have also recently made large investments into Chinese R&D and manufacturing facilities. If this doesn’t eliminate anyone’s doubt that pharma is shifting its focus from the West to emerging markets, I am not sure what will!!! While this shift may be bad news for American life scientist seeking employment, it is certainly welcome news for Chinese Nationals who received their life sciences training in the US and other Western nations.
Until next time...
Good Luck and Good Job Hunting (there are openings in China!!!!!!)
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There has been no shortage of conversation lately about current problems facing the pharmaceutical and biotechnology industries. These industries are faced with the effects of the global recession because of a dangerous combination of falling revenues and spiraling costs. Life sciences company executives are looking for ways to cut production costs and cope with the current decline in drug sales.