Japan drugmaker Takeda Pharmaceutical Co. Ltd. is expanding into China.
The company said it planned to launch at least 15 of its innovative pharmaceutical products in the country within the next five years.
Company executives said that they are fully taking advantage of China's opening up measures to tap into its lucrative health care sector. Takeda Pharmaceutical's global manufacturing and supply officer, Thomas Wozniewski, said that company was committed to its long-term presence in the Chinese market.
"China is an important market. During the past five years, we have seen the government's efforts in the health care sector. So, we developed a very strong plan for the China market. We don't have such a plan for any other market in the world," Wozniewski said.
The president of Takeda Pharmaceutical's China unit, Sean Shan, said the government's continued rollout of opening-up policies had made the business environment ripe for multinational corporations. He said the recent China International Fair for Trade in Services in Beijing and the upcoming China International Import Expo were a clear testament to China's commitment to opening up its economy to more foreign players.
Takeda Pharmaceutical said it had already spent more than 1.5 billion yuan over the past five years to build its business in China and to ensure its further growth in the country. It added that it plans to make further investments in the country in the coming years.
In late September, Takeda Pharmaceutical officially began its 110 million yuan expanded production facility in Tianjin. The factory, which was originally built in 1994, is currently the company's main manufacturing plant in China.
The factory manufactures two of the company's four core therapeutic treatments for oncology and gastroenterology applications.
The move to introduce more of its products and increase its presence in the country is in support of China's "Healthy China 2030" initiative.
