Business News

Feb 12, 2009, 8:37 GMT

Bayer plans 100-million-euro research centre in Beijing

Beijing - Bayer Schering Pharma AG said Thursday that it plans to invest 100 million euros (129 million dollars) over the next five years to open a pharmaceutical research and development centre in Beijing as it seeks to expand its presence in the world's most populous country. The research centre would be the fourth in the world for the pharmaceutical division of the German drug and chemical company Bayer AG. The others are in Germany and the United States. Andreas Fibig, chief executive of Bayer Schering, said China is the 'key growth driver' for the company in the Asia-Pacific region. The firm is the largest pharmaceutical company in China, according to the consulting and data-service company IMS Health Inc, and it saw more than 50-per-cent growth in China last year, Fibig said. The growth exceeded 2007's 43-per-cent rise in sales to more than 300 million euros. Liam Condon, managing director of Bayer HealthCare AG in China, said the health-care market in the Asian country was expected to grow more than 20 per cent in the next two to three years and Bayer would exceed that pace. Planned reforms in China's health-care system and the development of its rural areas are presenting new opportunities for Bayer Schering, Fibig said. He said he was optimistic about China's business development despite the world economic downturn. 'In the health-care sector, we are seeing no effects at the moment,' he said.

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