GlaxoSmithKline mulls major Chinese investment
10 March 2006 00:00 in Pharmaceutical Company Restructures
Drug company giant GlaxoSmithKline is considering establishing a standalone R&D centre in the People's Republic, China Daily has reported.
The newspaper said that the centre, if opened, would allow GSK to reduce their costs and increase the firm's competitiveness. The company already has several R&D units within Shanghai, Tianjin and Beijing, and established a manufacturing facility in the country 22 years ago. It made double digit revenue growth in the country in 2005.
CEO Jean-Pierre Garnier said: "For us, it is more than just doing business in China, it is about being part of the healthcare solutions to China.
"We almost have a full-fledging business in China and the last step that remains is a stand-alone R&D centre," he added.
Mr Garnier did not give full details on where and when the research facility will be opened, but he said that it could be ready "very soon".
GSK's operations in China do not currently export any drugs due to local regulations. However it is hoped the firm will be able to link its businesses in China to the global market as market laws are relaxed in the country.
© Adfero LtdOther news stories from 10/03/2006
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