Pfizer has announced that it 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.
This innovative 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.
This Global Biotechnology Center will include an advanced modular facility by GE Healthcare, based on flexible single-use bio-manufacturing technology that meets strict international standards for quality, safety and efficiency, as well as accelerated speed of construction and superior environmental standards.
This Center is expected to be completed in 2018. Pfizer will work closely with Chinese regulators to bring the biosimilar products produced at the Pfizer Global Biotechnology Center in Hangzhou to market as soon as possible.
"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 Mr John Young, Group President, Pfizer Essential Health.
"We are encouraged by a series of important reforms introduced by Chinese government that will further stimulate the industry to meet emerging health challenges, such as the rising incidence of non-communicable diseases and an aging population; as well as attract both domestic and foreign investment in healthcare and R&D."