Company to build a cell therapy facility in the southwestern Chinese province to produce and distribute cell therapy products in China
Green Cross, a South Korean biopharmaceutical company, has signed an MOU with the Guizhou provincial government of China to invest in the Chinese cell therapy sector. Under the MOU, the company will build a cell therapy facility in the southwestern Chinese province to produce and distribute cell therapy products in China. The provincial government will provide administrative support and human resources for the new facility.
Green Cross has a robust and growing portfolio of approved and investigational cell therapy projects, including T cell, NK cell, dendritic cell and stem cells. Cell therapies are an increasingly significant tool in the treatment of serious diseases; the cell-based therapy sector continues to show promising overall growth and even greater growth is expected to follow.
‘Our investment reflects the strength of our business and the increasingly important role that cell therapy will play in Green Cross's future,’ said B.G. Rhee, President of Green Cross Holdings.
‘During the last 20 years, Green Cross has maintained a significant plasma fractionation facility and sales forces in China, and we look forward to building on that legacy with this business expansion.’
The Chinese pharmaceutical market has emerged as a major driver of revenue growth for global pharmaceutical companies, according to a report from McKinsey & Company. The report shows that China's pharmaceutical market has grown at a rapid 21% compound annual rate in recent years and is projected to continue to grow at around 17% annually, potentially becoming the second-largest global pharmaceutical market by 2020.