The center, based in the eastern Hangzhou region, is the New York-based drug company’s first biotech center in Asia.
The facility, expected to be completed by 2018, will develop biologic drugs and lower-cost biosimilars. Pfizer plans to work closely with local regulators to bring the drugs to market as soon as possible, according to a statement on its website.
Pfizer’s plans depict a recent trend by pharma industry giants to develop new strategies to tap into China’s healthcare market, which is estimated to be around $185 billion by 2018.
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