A UK-listed company backed by Li Ka-shing, one of Asia’s richest men, says it is moving closer to producing the first modern drug developed in China for decades in a sign of the country’s potential to become a force in the pharmaceuticals industry.
Hutchison China MediTech predicts it will submit its first medicines for regulatory approval next year with several others following behind as the Hong Kong-based company attempts to move beyond traditional Chinese herbal remedies into modern cancer treatments.
Christian Hogg, chief executive, said Chi-Med was aiming to become China’s first large-scale developer of homegrown innovative pharmaceuticals.
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