Economics
Pfizer Bolsters China Presence With $350 Million Plant
- Facility in Hangzhou city is expected to be completed in 2018
- Drugs will address major public health concerns, Pfizer says
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Pfizer Inc. will invest $350 million in eastern China on a plant for biotechnology drugs, bolstering its presence in the world’s second largest pharmaceutical market despite slowing economic growth in the country and rising pressure on prices for medicines.
The new facility in eastern Hangzhou city is expected to be completed in 2018 and will manufacture biologics, or complex medicines made from living organisms, as well as biosimilars for patients in China and across the world, Pfizer said in an e-mailed statement Tuesday.