Beijing: British drugmaker AstraZeneca is showing interest in eastern China’s manufacturing plant and will invest $200 million in it, as per the government. It is Britain’s second largest drugmaking company.
This will be the company’s largest investment in a single facility. The construction started on Wednesday at China Medical City in Taizhou in Zhejiang province.
According to the reports, it will produce both intravenous and oral solid medicines for the company’s growing business in China.
The plant will be ready by 2013. It is set to earn six billion yuan ($950 million) annually after it starts operation.
The company’s business in China has grown rapidly since it first launched operations in the country in 1993.
“We believe the Chinese government’s focus on the healthcare reform, its investment in improving the healthcare infrastructure, and expansion of insurance coverage will continue to drive growth and demand for high-quality medicine over the long-term,” David Smith, executive vice-president of the London-based drugmaker, said.