Two Chinese technology firms involved in the development of pharmaceutical drugs have clinched partnership agreements in Southeast Asia and the Middle East, as the industry increasingly looks beyond China’s shores with its cutting edge technology in search of growth opportunities.
Fosun Group’s Shanghai Henlius Biotech subsidiary struck a deal with the Fakeeh family’s Al Tiryaq Al-Khalawi Medical Company (SVAX) to set up two ventures in Saudi Arabia to produce and market pharmaceuticals, according to an announcement at the China International Import Expo in Shanghai.
QuantumPharm, a drug discoverer powered by artificial intelligence (AI) that has been renamed XtalPi, signed a partnership with Sinar Mas Multiartha to use quantum physics, AI and robotics to spur the research and development of drugs in Indonesia.
“The collaboration [with SVAX] is a key part of Henlius’ globalisation blueprint, which will accelerate our business development in key markets and augment our international competitiveness,” said the company’s CEO Zhu Jun.
The ventures underscore the trend by mainland companies across a range of industries that are expanding offshore to survive the grueling competition at home. Pharmaceuticals is the latest industry to look overseas to “go out”, joining e-commerce, AI, and electric vehicle assemblers.