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| Green Cross president B.G. Rhee |
South Korea's Green Cross said its planned manufacturing operations in China dedicated to cell therapies, including T cells and stem cells for treating serious diseases, fits in with expected growing demand in for the products.
Green Cross has had another production facility in China for the past 20 years, for plasma fractionation.
Since then, the company has branched out into cell therapy and could now boast a large portfolio of cell therapies, many of them already approved, others in clinical trials. The biopharma also makes vaccines and recombinant proteins.
The company cited recent research projecting China's pharmaceutical market growing at an average 17% a year, making it the second-largest in the world by 2020.
The research, by McKinsey & Company, also reported that the market has been growing at a 21% compounded annual rate in recent years.
B.G. Rhee, Green Cross president, said the expansion reflects the increasingly important place that cell therapy would have in the company's future.
- here's the Green Cross release