AsianScientist (May 8, 2015) – Green Cross, a South Korean biopharmaceutical company, has announced plans to build a new cell therapy manufacturing facility at the Guian New Area in the Guizhou province of China. The new manufacturing site sets to address the cellular therapeutic industry’s demand for clinical studies and commercial supply.
This announcement follows the Memorandum of Understanding (MOU) that Green Cross signed on the 6th of March 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.
The Chinese pharmaceutical market has emerged as a major driver of revenue growth for global pharmaceutical companies. According to a report from McKinsey & Company, 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.
“Our investment reflects the strength of our business and the increasingly important role that cell therapy will play in Green Cross’ future,” said Dr. B. G. 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.”
Green Cross has a robust and growing portfolio of approved and clinical stage cell therapy projects including T-cell, NK cell, dendritic cell and stem cells. Cell therapy products are an increasingly significant tool in the treatment of serious diseases.
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Source: Green Cross.
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