YONGIN, South Korea, April 29, 2015 /PRNewswire/ -- Green Cross, a South Korean biopharmaceutical company, today announced plans to build a new cell therapy manufacturing facility at the Guian New Area in the Guizhou province of China. The new manufacturing site sets to address the cellular therapeutic industry's demand for clinical studies and commercial supply.
Green Cross has a robust and growing portfolio of approved and clinical stage cell therapy projects including T cell, NK cell, dendritic cell and stem cells. Cell therapy products are an increasingly significant tool in the treatment of serious diseases.
"Our investment reflects the strength of our business and the increasingly important role that cell therapy will play in Green Cross' future," said Dr. BG Rhee, President of Green Cross Holdings. "Over the last 20 years, Green Cross has maintained a significant manufacturing facility and sales forces for plasma fractionation business in China, and we look forward to building on that legacy through this business expansion."
The Chinese pharmaceutical market has emerged as a major driver of revenue growth for global pharmaceutical companies, according to a report from McKinsey & Company. The report shows that China's pharmaceutical market has grown at a rapid 21% compound annual rate over the years. In a recent forecast, China's pharmaceutical market is projected to continue to grow at around 17% annually and likely to become the second-largest pharmaceutical market by 2020.
About Green Cross
Green Cross provides total healthcare solutions that address the evolving needs of human health. Headquartered in Yongin, South Korea, Green Cross specialises in the development and manufacturing of plasma-derivatives, vaccines and recombinant proteins
This release includes forward-looking statements concerning the company's plans to build a new cell therapy manufacturing facility in China. The statements are based on assumptions about many important factors. The company does not undertake to update its forward-looking statements.
SOURCE Green Cross