Switzerland-based pharmaceutical manufacturer Novartis will set up a global research and development center in China, sources with the corporation said.
Given the development of China's laws on protecting intellectual property and its medical research capabilities, it is the optimal time for Novartis to set up a global R&D center in China, Novartis chairman Daniel Vasella was quoted as saying in Shanghai.
He said the location of the center will be decided in the next six months.
Over the last six years, Novartis has seen a 30 percent annual increase in its China business. The company has built four enterprises in China, with a total investment of US$100 million.
The company set up a personnel training center in China in 2004, and it employs 1,800 people.
In 2004, Novartis' sales volume reached US$28.2 billion around the globe, and it spent US$4.2 billion on research and development.