Mitsubishi Tanabe unit to build new plant in China

Japanese drug major Mitsubishi Tanabe Pharma (TYO: 4508) says that one of its subsidiaries, Tianjin Tanabe Seiyaku, plans to construct a new production facility in China, starting in August and completing in March 2015, with production slated to begin in January 2016. The planned cost of the project is about 1.9 billion yen ($19.2 million).

The new facility is designed to expand production capacity of the subsidiary, and aims to meet new Good Manufacturing Practice (GMP) standards. It will be located at the existing site of Tianjin Tanabe in Tianjin.

Noting the rapid growth of the Chinese pharmaceutical market, which is now the third largest in the world, Mitsubishi Tanabe says that paving the foundation for expanded overseas operations is one of the challenges in the group’s medium-term management plan. China was designated as a priority area for implementing the strategy.