Pfizer Inc. will invest approximately $350 million in the development of a state-of-the-art Global Biotechnology Center at a ground-breaking ceremony in the Hangzhou Economic Development Area (HEDA) in China, according to a press release from Pfizer.
The facility will be Pfizer’s third biotechnology center globally and the first in Asia. It will ensure the local production of high-quality, affordable biosimilar medicines that will benefit patients both in China and throughout the world. The establishment of the Pfizer Global Biotechnology Center also represents further investment in R&D and clinical research across China, which will further contribute to China’s growing biopharmaceutical industry and economy, the press release notes.
According to the press release, the center is expected to be completed in 2018. The Pfizer Global Biotechnology Center aims to support China’s healthcare reforms, assist the Chinese government in its continuing efforts to update the local industry in this sector, and provide world-class biological medicines for patients in China and the world.
“We believe that the Pfizer Global Biotechnology Center in Hangzhou will help support China’s aim to increase the complexity and value of its manufacturing sector by 2025, and contribute to building a truly innovative and vibrant biopharmaceutical industry,” said John Young, group president, Pfizer Essential Health.