Huabei Pharma Factory To Up Output

The Huabei Pharmaceutical Factory in China is planning to increase its output value to 3 billion renminbi ($361.5 million) and its profits to 800 million renminbi in 1997, reports China Foreign Trade. In the year 2002, turnover will be close to 6 billion renminbi and profit 1.6 billion renminbi, it is expected.

The company recorded turnover in 1994 of 2 billion renminbi, an increase of 33%, and profits of 250 million renminbi, ahead 61% on the previous year.

To facilitate this growth, the company is planning to expand its annual penicillin production to 3,000 tons. This move will make it one of the largest penicillin producers in the world. It will also develop new antibiotics and a vaccine for meningitis B in cooperation with Chinese medical research institutes. The Huabei Factory is the biggest producer of vitamin B12 in China.