BEIJING – Chinese Commerce Minister Wang Wentao conducted high-level discussions Sunday with pharmaceutical industry leaders as part of the country’s effort to attract more foreign business investment.
The minister sat down with Stephen Ubl, who leads the Pharmaceutical Research and Manufacturers of America trade association, alongside top executives from five global drug manufacturers: Novartis, AstraZeneca, Roche Group, Boehringer Ingelberg, and Organon, the commerce ministry announced.
The meetings come as China works to turn around declining foreign investment levels. In December, officials broadened the range of business sectors that can receive government incentives including reduced taxes and favorable land agreements.
During the discussions, Wang highlighted how international pharmaceutical corporations have made China a key location for research and development operations globally. He pointed to China’s latest five-year economic blueprint, which identifies biotechnology and pharmaceuticals as a growing cornerstone industry.
The commerce minister promised that China would enhance protections for intellectual property rights and make government policies more transparent, creating fresh possibilities for global pharmaceutical firms to grow their Chinese operations.
Both sides discussed the current state of foreign pharmaceutical business development in China and addressed specific concerns raised by the companies, according to the ministry’s statement.
