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China is rapidly becoming a world leader in health-related fundamental research, according to global drugmaker Pfizer.
Because of that, the company has launched a joint venture with the Shanghai Institutes for Biological Sciences (SIBS).
Pfizer China has announced it will provide $500,000 (£303,000) a year for three years to fund research projects, particularly drug discovery and development programs.
Chief executive Jeff Kindler says that the collaboration is focussed not just on the last mile of drug development, but also on basic healthcare principles.
He says “Innovation in these areas has the potential to truly alter the way we look at healthcare over the next 20 years.”
While fundamental research does not necessarily result in immediate commercial gain, it has the potential improve long-term healthcare and help save lives, he said.
And says Pfizer global research head Martin Mackay: “Our choice of Shanghai Institutes for Biological Sciences as a research partner demonstrates our high regard for the scientific expertise and capabilities of SIBS.
“China is increasingly seen as a source for innovative healthcare research, and we are proud of our ongoing investment in the outstanding science and people here.”
Copyright Press Association 2009