Celltrion Set to Enter Chinese Pharmaceutical Market

Celltrion announced plans to create a joint venture in China this year as part of efforts to enter the country's drug market, BusinessKorea reported Friday.

"We are currently negotiating to establish a joint venture in China," remarked chairman Seo Jeong-jin, adding "we will try to ensure that Chinese patients who have been unable to use expensive biomedical products use them at reasonable prices."

China's Food and Drug Administration granted Celltrion approval in 2017 to initiate clinical tests of its biosimilar Remsima.

China, the second-largest drug market globally, is expected to have combined drug sales of $17 billion by 2020.

Seo noted that Celltrion will also create a chemical drug business as part of the joint venture.