Dr. Ge Li attended the Pharmaceutical R&D International Forum held in Beijing
Jul 06, 2004
July 06, 2004 - Shanghai, China - WuXi PharmaTech's Chairman and CEO, Dr. Ge Li, recently gave a speech regarding China's R&D chemistry discovery service in the Pharmaceutical R&D International Forum held on July 4-5, 2004 in Beijing. At this event, attendees included several large pharmaceutical companies such as Merck, Pfizer, Schering-Plough, etc.
In his speech, Dr. Li said it is estimated that to develop a novel drug in the US will cost over $800 million USD (6.5 billion RMB). Such a cost is unbearable for most other countries in the world and will eventually slow the pace of drug development as companies become less likely to fund the process. Therefore, the pharmaceutical R&D industry in the western world needs a long-term strategy to lower the cost. The industry will face additional challenges in the future, such as peer competition, generic competition and Medicare reform.
Dr. Li also analyzed that drug discovery shall evolve to more globally joint efforts, in which different countries contribute different expertise and skill-sets. Consequently, an increasing number of companies with various backgrounds and geographical locations are now in competition to offer such services. Specifically, a current trend is the 'off-shoring' or outsourcing to countries such as India, China, and the former Soviet Union.
Currently, global outsourcing chemistry services are enjoying a stunning
rise. Dr. Li pointed out that China is an ideal pharmaceutical outsourcing
base, advantaged by its lower cost and excellent human resource. WuXi PharmaTech,
as China's leading chemistry outsourcing provider, has focused itself on
serving its global pharmaceutical and biopharmaceutical partners for their
novel drug discoveries to help the partner bring such drugs to the global
market, particularly China.
Dr. Li later stated that WuXi PharmaTech holds both a fast-growing chemistry business and strong R&D capability. Additionally, it already employs over 260 scientists and serves 60 international customers, including 14 of the top 20 big pharmaceutical companies and 8 of the top 10 bio-tech companies. WuXi PharmaTech's success proves that China is a fertile ground for drug discovery services. He also stated that the Chinese pharmaceutical industry shall adopt the service model rather than going alone for independent drug discovery, and Chinese companies shall collaborate more with international companies on developing drugs for global market.
About WuXi PharmaTech (Cayman) Inc.
WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology and medical device companies a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. The operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec. For more information, please visit: www.wuxiapptec.com.