Novartis, the global pharmaceutical giant is setting up a $100 million drug research and development center at Science Park, Shanghai. The temporary center is expected to open by second quarter of 2007 ad permanent one begins operation in last quarter. The center will employ more than 400 scientists. No job loss in home country Switzerland is reported.
While addressing the press Novartis' chairman, Daniel Vasella focused on the firm's plan in China and showed worry on 10% declined sales this year in the country.
Later he added that the research center has the "potential to become a global center for biomedical innovation."
Via [Swissinfo]
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