Yongin, South Korea, 9 March 2014 - Green Cross, a South Korean biopharmaceutical company, today announced that it had signed MOU on the 6th of March with the Guizhou provincial government of China for the investment in the cell therapy sector in China.
Under the MOU, the company will build a cell therapy facility in the southwestern Chinese province in order to produce and distribute cell therapy products in China. The provincial government will provide administrative supports and human resources for the new facility.
Green Cross has a robust and growing portfolio of approved and investigational cell therapy projects including T cell, NK cell, dendritic cell and stem cells. Cell therapies are an increasingly significant tool in the treatment of serious diseases. Cell-based therapy industry continued to show promising overall growth and even greater growth expected to follow.
"Our investment reflects the strength of our business and the increasingly important role that cell therapy will play in Green Cross' future" said BG Rhee, President of Green Cross Holdings. "Over the last 20 years, Green Cross has maintained a significant manufacturing facility and sales forces for plasma fractionation business in China, and we look forward to building on that legacy through this business expansion"
The Chinese pharmaceutical market has emerged as a major driver of revenue growth for global pharmaceutical companies, according to a report from McKinsey & Company. The report shows that China's pharmaceutical market has grown at a rapid 21% compound annual rate over the years. In a recent forecast, China's pharmaceutical market is projected to continue to grow at around 17% annually and likely to become the second-largest pharmaceutical market by 2020.
About Green Cross
Green Cross provides total healthcare solutions that address the evolving needs of human health. Headquartered in Yongin, South Korea, Green Cross specialises in the development and manufacturing of plasma-derivatives, vaccines and recombinant proteins.
This release includes forward-looking statements concerning the company's business expansion plan in China. The statements are based on assumptions about many important factors. The company does not undertake to update its forward-looking statements.