Pfizer invests $350m in new biosimilar project in China

Pfizer has revealed that it will invest approximately $350 million to develop a Global Biotechnology Center in China.

Its purpose is to ensure high quality and affordable local production of biosimilar medicines.

The facility, which will be in the city of Hangzhou, will be Pfizer’s first biotechnology centre in Asia and third globally. It is expected to be completed in 2018.

John Young, Pfizer’s group president, said: “We believe that the Pfizer Global Biotechnology Center 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.”

The project is expected to create more than 150 jobs and promote innovation in China’s biopharmaceutical industry.