BEIJING, July 27 (Xinhua) -- China is the second most important pharmaceuticals market in the world, and is "a market in which we have to be present and in which we have to succeed," according to Peter Guenter, CEO of Healthcare at Merck Group, Germany's leading science and technology company.
Speaking to Xinhua, Guenter said China is a country of great importance and enormous potential for the company, and expressed confidence that Merck will invest more in China in the future.
Besides China's huge market, in which the company has invested around 6 billion yuan (about 842 million U.S. dollars) over the past 10 years, he said that another reason for investing in the country is that Chinese policymakers understand how to create a vibrant innovation ecosystem.
During last week's third plenum of the 20th Central Committee of the Communist Party of China, various reform measures were introduced, including improving the mechanisms for supporting the development of innovative drugs.
When attending the Global Health Forum of the Boao Forum for Asia last week, he foresaw that many of the next generation's innovative drugs for treating patients in the decades to come would originate in Chinese research labs.
"They have understood the need for intellectual property protection, funding and incentives to invest in China," he said, noting that the company has a full value chain including its own factory in China with a lot of local manufacturing.
Merck also has a healthcare innovation center in China and has now established a strong presence in the country in its three core sectors: healthcare, life science and electronics.
Founded in 1668, Merck is headquartered in the German city of Darmstadt. The company entered the Chinese market more than 90 years ago.
Seeking local business development opportunities, Merck prioritizes partnerships with companies that address unmet clinical needs and demonstrate high innovation potential.
Moving forward, Guenter said the company is committed to spending 50 percent of its resources on partnering with global as well as Chinese biotech companies such as Abbisko Therapeutics, to identify potential collaboration areas and assist some of the promising products.
"Our commitment to China is clear. We will continue to grow, and we will continue to invest in the country. We believe this will benefit Chinese patients, as well as patients around the globe," he said.
