At the recent Global Health Summit in Hong Kong, global pharmaceutical companies emphasized their commitment to investing in China’s burgeoning biotech sector, which shows significant potential for growth. Xu Chenming from Citic Securities noted a strategic shift towards partnerships with innovative Chinese firms instead of traditional, asset-heavy operations. For example, AstraZeneca announced a joint venture with CSPC Pharmaceutical Group to develop a drug manufacturing site in Hebei, holding a 49% stake. Additionally, Mölnlycke has partnered with Zhende Medical to co-develop products, underscoring the trend of deeper collaboration with local companies.
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Link to original article source: https://www.scmp.com/business/china-business/article/3363398/global-pharma-giants-turn-chinese-biotech-tap-innovation-valuation-growth
