The country will very soon witness the birth of a novel biotech medicine called MEDI-5117, which will effectively cure arthritis and other inflammatory diseases. The said drug is already in its developmental phasre in US and Europe.
AstraZeneca plc (ADR)(NYSE:AZN) partnership with WuX App Tec would allow them to penetrate into the Chinese drug market, which in turn requires local manufacture of medicines that have not got approval in other markets. This is the first jont venture of its kind by an international company in the pharmaceutical field pave its way for development into china.
"If it is successful, we hope this could be a good pathway for further molecules’- says Bahija Jallal, head of research at AstraZeneca's biotech division MedImmune, she also believes that the drug could be launcled and made available much earlier in China compared to the conventional ways of first getting an import licence and then launching it.
It is presumed that this endevourwould be successful in finding its market share in china as major part of the population suffers from arthritis and ther has been no effective treatment for it till date.thIs unment need of people in China will automatically create demand for the drug.
Though China is undoubtedly a much sought after country for many international companies to create their Respective markets, but AstraZeneca believed its product had potential advantages over rivals.
AstraZeneca's sales in China grew 12 percent in the last quarter and the British-based company, which established its operation in China in 1993, sees the country as a critical part of its future growth.
The joint venture with WuXi will help facilitate the development of the product by providing the local regulatory, manufacturing, pre-clinical and clinical trial support for MEDI-5117.