June 21, Mme Qiu Hong, Assistant Minister of Commerce visited Shanghai PharmaTech Company.
After hearing reports on the company’s business operation and industry development trend, Mme Qiu required more information on the company's organizational structure, market operations, personnel training, etc. She encouraged the company to expand their businesses and build their own brand in the international market.
Shanghai PharmaTechs Company is a domestic leading enterprise specializing in pharmaceutical R&D and outsourcing services, with unparallel employee number and R&D expertise. In 2007, the company listed on the NYSE. Shanghai PharmaTechs attaches great important to IPR protection, thus was well-recognized by business partners—more than 80% of their orders came from multinational companies.
With changes happening in the international pharmaceutical outsourcing market, China's enterprises face a major opportunity. It is estimated that the potential market value of new discoveries in the global pharmaceutical outsourcing market, preclinical development amounts to $30 billion to $35 billion, while that of the processing development, pharmaceutical ingredients production amounts to $50 billion, and that of formulation development, formulation production and packaging amounts to $60 billion to $80 billion. However, China’s pharmaceutical outsourcing companies have relatively smaller business size, thus are obliged to expand.
Mme Qiu Hong Assistant Minister of Commerce Listening to Reports at Shanghai PharmaTechs Co.