AstraZeneca Invests $26.5 Million in New Production Line for Diabetes Drug in China
UK pharmaceutical giant AstraZeneca is set to invest $26.5 million to establish a new production line at its Taizhou base in China. The move is part of the company’s expansion plans to manufacture a recently approved diabetes drug for the Chinese market. The investment and cooperation deal with the Taizhou Medical Hi-Tech Zone was formalized on January 13, highlighting AstraZeneca’s commitment to meeting the growing demand for diabetes treatment in China.
141 Million Patients Fuel China’s Diabetes Drug Boom: AstraZeneca Joins the Fray
China, with a staggering 141 million diabetes patients in 2021, sees a rising demand for effective hypoglycemic drugs, particularly for the treatment of type-2 diabetes. The newly approved drug, Xigduo XR, dapagliflozin and metformin hydrochloride extended-release tablets, aligns with AstraZeneca’s efforts to contribute to combating diabetes in the country. The pharmaceutical company aims to cater to this significant market need by establishing a production line dedicated to this diabetes medication.
Taizhou Expansion Soars Towards $1.4 Billion Impact in China
AstraZeneca’s Taizhou production base, operational since 2014, initially focused on supplying diabetes products globally. With the introduction of the new production line, the facility is poised to have a substantial impact, anticipating an annual output value of $1.4 billion. The expansion aligns with AstraZeneca’s broader strategy to strengthen its presence in the Chinese pharmaceutical market and contribute to addressing the healthcare challenges posed by diabetes.
Having entered the Chinese market in 1993, AstraZeneca has consistently demonstrated its commitment to innovation and healthcare advancements. The company’s substantial investment of over $2 billion and the introduction of nearly 40 innovative drugs underscore its dedication to the Chinese market. In 2022, AstraZeneca’s sales in China reached $4.5 billion, constituting approximately 13 percent of its global sales. With the new investment, AstraZeneca aims to further solidify its position and contribute to healthcare solutions in China.©www.geneonline.com All rights reserved. Collaborate with us: firstname.lastname@example.org