In a piece of gleeful news for China’s dwindling economy, Takeda Pharmaceutical company has decided to further its extension in the Chinese market. Notably, China’s pharmaceutical sector is already on a boom. It has been struck by innovation after Coronavirus spread across the country and the world. The Japanese drug make made the statement looking at the profitable aspect.
The company is looking to grow its revenue in emerging markets. The pharma giant is eyeing one-fifth of the total revenue from the region by 2031. It will be up from its current 13 per cent stake.
It was said by the President of Takeda’s growth, Ricardo Marek and the emerging markets business unit. Interestingly, China is the biggest contributor regarding the pace of growth and size. Also, it is set to become Takeda’s second-largest market at the end of the fiscal year of 2031.
Marek said that the company was maximising the fund allocation to China. It was expanding to third and fourth-tier cities, increasing the number of employees, operational expenses, and public hospitals.
As part of the strategy, the Asian Development Centre of Takeda was moved to China’s Qiantan Center Building (Shanghai) on October 20, Pilot Free Trade Zone. it was a step to ensure the advantage of the country’s biopharmaceutical industry. It will help the pharma company to live up to the commitment it laid down for Chinese patients.
For developing and promoting the biopharmaceutical industry in China, the free trade zone will build a biopharmaceutical industrial zone.