MERCK & CO SETS UP IN CHINA
A new joint venture pharmaceutical enterprise has been set up by US drugmaker Merck & Co in China, according to the Xinhua news agency. The precise location of the proposed plant is unclear.
The joint venture, which will produce medicines to treat rheumatism, disorders of the prostate and other diseases, has a total investment of over $26 million, 75% of which has been provided by Merck. It will operate for a 30-year term, and within six years its sales value is expected to reach about 95 billion yuan. All its products will be sold on the Chinese market, allowing China to reduce its imports of some medicines.
The joint venture will extensively use Merck's advanced management techniques, as well as its sophisticated product technology. About 100 foreign funded pharmaceutical companies have established in China since its pharmaceutical industry opened to the outside.
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