Xinhua editorial responsibility.
(XINHUA) – CHENGDU, APRIL 25 – Multinational pharmaceutical giant AstraZeneca plans to establish an innovation center for the traditional Chinese medicine sector in the southwestern Chinese province of Sichuan. This is what local authorities believe.
AstraZeneca has in fact signed an online agreement with the Chengdu Hi-Tech Industrial Development Zone to jointly launch the center that will incubate and enhance the modern industry of traditional Chinese medicine, as specified by the same industrial zone.
The center will integrate an academically-led research institute and platforms that will offer support to the traditional Chinese medicine sector, business modernization and clinical commercialization.
In November 2020, AstraZeneca established its West China office in the Chengdu Hi-Tech Zone whose operations kicked off in September last year.
The Chengdu Hi-Tech Zone is home to over 3,000 medical enterprises.
In the first quarter of 2022, industrial production and industrial added value of the main medical and healthcare companies in the area increased by 14.2% and 8% respectively compared to the same period in 2021.
The pharmaceutical company entered China in 1993 and achieved a total turnover of $ 37.4 billion worldwide in 2021, of which $ 6 billion comes from the Chinese market. (XINHUA)
Xinhua editorial responsibility.