Major domestic biopharma businesses are speeding up to advance into China. Celltrion Group is eyeing on the Chinese market after Samsung Bioepis announced its plan to make its way into China in January.
According to Celltrion Sunday, it will establish a joint venture Vcell Healthcare with Nan Fung Group, a multinational corporation headquartered in Hong Kong. Nan Fung Group and Celltrion Hong Kong, which has been established by Celltrion and Celltrion Healthcare, plan to establish the joint company in Shanghai, China. Since its establishment in 1954, the Hong Kong-based company has been specializing in global asset management, finance, hotel, shipping, life science investments and more.
Vcell Healthcare has publication rights in the Chinese market for Celltrion’s three biosimilars — Remsima, Truxima and Herzuma. Following the medicine and medical supplies permission process of Chinas National Medical Products Administration, the company will accelerate the launch of biosimilar products in China.
According to industry experts, China’s medicine and medical supplies market, which currently ranks second in the world after the U.S., will grow to more than 304 trillion won in 2020 from 207 trillion won in 2015. Currently, the nation’s biomedicine market has reached 50 trillion won.
Hyoun-Soo Kim email@example.com