26 Mar 2010 08:57

Overseas Chinese Industrial to cooperate with Shanghai Pharma

Shanghai. March 26. INTERFAX-CHINA - Fujian Overseas Chinese Industrial Group Corp. and Shanghai Pharmaceutical Co. Ltd. signed a framework agreement regarding strategic cooperation on March 25, local media reported on March 26.

According to Fujian Daily, the two companies will cooperate in the construction of a pharmaceutical park in Fuzhou, capital of Fujian Province, as well as drug research and development (R & D), manufacturing and distribution in a bid to promote the development of the pharmaceutical industry in Fujian.

Specifically, the two sides will jointly establish an R & D center in Fuzhou. Shanghai Pharma will also strengthen its drug distribution capabilities in the province and entrust Overseas Chinese Industrial to produce at least 100 types of drugs in Fujian.

Overseas Chinese Industrial is a state-owned company formed by the merger of Fujian Overseas Chinese Industry Group and Fujian Pharmaceutical (Group) Co. Ltd. in June 2009. The company mainly engages in drug manufacturing, distribution and trading. Overseas Chinese Industrial expects its annual sales revenue to hit RMB 3 billion ($439.24 million) by 2013, the report said.

Shanghai Pharma is China's third largest pharmaceutical company, selling 6,000 types of drugs and operating more than 1,000 chain drugstores across China.