Green Cross to Set up Cell Therapy Production Unit in China
Published By : 29 Apr 2015 | Published By : QYRESEARCH
A biopharmaceutical firm based in South Korea, Green Cross, today announced its plans to set up a new cell therapy production unit at the Guizhou province of China. The new production site is being set up to address the demand from the cellular therapeutic industry for clinical studies and for commercial supply.
Green Cross is a provider of complete healthcare solutions that cater for the evolving requirements of the human health. The firm is headquartered in Yongin, South Korea and it specializes in the development and production of vaccines, plasma-derivatives, and recombinant proteins. Green Cross has a strong and developing portfolio of permitted and clinical stage cell therapy projects consisting of dendritic cell, NK cell, T cell, and stem cells. The cell therapy products are an increasingly noteworthy device in the treatment of many serious diseases.
President of Green Cross Holdings, Dr. BG Rhee, stated that their investment demonstrates the strength of their business and the significant role that cell therapy is going to play in future of Green Cross. Over the past twenty years, Green Cross has kept a significant production unit and sales forces for the business of plasma fractionation in China, and they look forward to carrying on that legacy using this business expansion.
The pharmaceutical market in China has emerged as a key revenue generator for the global pharmaceutical firms, as stated in a report by McKinsey & Company. The publication shows that the pharmaceutical market in China has developed with a rapid speed at a 21% CAGR over the years. As reported in a recent forecast, the pharmaceutical market in China is estimated to continue its growth at about 17% CAGR annually and expected to position itself at the second biggest pharmaceutical industry by 2020.