AsianScientist (Mar. 20, 2015) – Green Cross, a South Korean biopharmaceutical company, has signed a memorandum of understanding (MOU) with the Guizhou provincial government of China for the investment in the cell therapy sector in China.
Under the MOU, the company will build a cell therapy facility in the southwestern Chinese province in order to produce and distribute cell therapy products in China. The provincial government will provide administrative supports and human resources for the new facility.
Green Cross has a growing portfolio of approved and investigational cell therapy projects including T cell, NK cell, dendritic cell and stem cells. Cell-based therapy industry continued to show promising overall growth and even greater growth expected to follow.
“Our investment reflects the strength of our business and the increasingly important role that cell therapy will play in Green Cross’ future” said BG Rhee, President of Green Cross Holdings. “Over the last 20 years, Green Cross has maintained a significant manufacturing facility and sales forces for plasma fractionation business in China, and we look forward to building on that legacy through this business expansion.”
The Chinese pharmaceutical market has emerged as a major driver of revenue growth for global pharmaceutical companies, according to a report from McKinsey & Company. The report shows that China’s pharmaceutical market has grown at a rapid 21 percent compound annual rate over the years. In a recent forecast, China’s pharmaceutical market is projected to continue to grow at around 17 percent annually and likely to become the second-largest pharmaceutical market by 2020.
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Source: Green Cross.
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