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Bayer plans 100m euro investment

By Ding Qingfen (China Daily)
Updated: 2009-02-14 08:13

Bayer Schering Pharma is to invest up to 100 million euros over the next five years to set up a research and development (R&D) center in Beijing in a bid to cash in on the country's multi-billion yuan health reform plan.

The Beijing center will be the fourth in the world for the pharmaceutical division of the German drug and chemical group Bayer. The others are in Germany and the US.

It will develop new drugs tailored to Asian patients and plans to conduct research in partnership with Tsinghua University, the company said.

The Chinese government plans to invest 850 billion yuan in the nation's healthcare industry over the next two years.

Industrial experts predict the investment will help maintain the sector's 20 to 30 percent annual growth.

"The plan provides opportunities to expand business in China. That is why we are still interested in investing in China in such a turbulent time of the global economy," said Andreas Fibig, chairman of the board of management of Bayer HealthCare.

Bayer currently has three manufacturing units in China, its third largest and the fastest growing market. They are located in Beijing, Guangdong and Jiangsu. Products produced are largely sold within China.

"The local healthcare business did not see any negative impact from the financial crisis," said Fibig.

He is "optimistic" in achieving the goal set for 2009. Bayer will outperform the local market, which is expected to grow over 20 percent year-on-year in the next two to three years, Fibig said.

According to IMS Health, the world's largest medical researcher, Bayer ranks top among international healthcare companies in China by sales revenue. Its local sales in 2008 grew over 50 percent year-on-year.