Swiss pharmacy Novartis to expand investment in China

Swiss pharmacy tycoon Novartis Pharmacy will increase investment in China in 2005, said Li Zhenfu, general director of the company's China branch.

Li did not give a detailed investment plan. He said that spurred by recent strong sales in China, the company will expand production, develop a marketing system and put more new patented medicines on the market.

Li said that in 2005, Novartis will open its first R&D center in China, its sixth worldwide. The company will also establish a training center in the country and put six new patented medicines on Chinese market.

Novartis has invested about 100 million US dollars in China till now, setting up four branch companies and employing 1,700 people.

The company has seen its sales volume on Chinese market growing by 25 percent annually since 1999. In 2004, the growth rate stood at 36.3 percent, comparing with 14 percent of global sales.

Based in Basel, Switzerland, Novartis Pharmacy is one of the biggest pharmaceutical enterprises in the world, with business covering more than 140 countries and regions in the world.

Source: Xinhua