business

Global diabetes care giant to expand footprint in China

SHANGHAI, Nov. 9 (Xinhua) — Leading pharmaceutical company Novo Nordisk of Denmark has signed an agreement to invest 200 million yuan (about 30.3 million U.S. dollars) in China.

Novo Nordisk signed the strategic collaboration agreement with Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone during the ongoing third China International Import Expo.

According to the agreement, Novo Nordisk will establish a new legal entity in the Lin-gang Special Area to engage in marketing and promotion, pharma research and development, as well as finished goods importation and distribution.

As a new space for China to continue opening up, the Lin-gang Special Area will fully support the growth of biopharmaceutical companies like Novo Nordisk, said Zhu Zhisong, deputy secretary-general of Shanghai municipal government and executive deputy director of the Lin-gang special area administrative committee.

“Continuous efforts to improve the business environment, promote the growth of an innovation ecosystem, and create a stable, predictable policy environment make us confident in the future of the Chinese market,” said Christine Zhou, senior vice-president at Novo Nordisk.

With the help of measures to deepen China’s reform and opening-up such as the CIIE, Novo Nordisk will work towards its commitment to change diabetes and other chronic diseases in the country, she said.

At this year’s CIIE, Novo Nordisk is showcasing 14 innovative drugs including three to be available in the Chinese market soon and nine injection devices.

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