IFC helps fund China antimalarial drugs

Published: 6-Dec-2006

The International Finance Corporation (IFC) of the World Bank is lending RMB320m (US$40.8m) to Shanghai Fosun Pharmaceuticals Company, a leading China pharmaceutical manufacturer and distributor.


The International Finance Corporation (IFC) of the World Bank is lending RMB320m (US$40.8m) to Shanghai Fosun Pharmaceuticals Company, a leading China pharmaceutical manufacturer and distributor.

The IFC said the loan would support Chinese pharmaceutical sector reforms, while enabling Fosun Pharma to expand production of its antimalaria products, build capacity and standardise environmental, health and safety management systems throughout its subsidiaries.

An IFC note stressed the investment would help the company dovetail with increasing and future Beijing government pressure to protect intellectual property in pharmaceuticals and foster the development of innovative local companies. 'This transaction is especially important because it will allow Fosun Pharma to expand production of its antimalaria product,' said IFC global manufacturing and services director Dimitris Tsitsiragos.

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