Pharma company Overseas Pharmaceutical (Taizhou), located in China Medical City, Taizhou city, Jiangsu province, strives to make its sustained-release preparations and controlled release preparations, also known as improved innovative drugs in China, increasingly go global.
After graduating from his doctoral program, Wen Xiaoguang, chairman of the company participated at pharma multinationals in the development and commercialization of multiple sustained-release preparations and controlled release preparations. This made him determined to engage in the field when he returned to China.
In his early stages of entrepreneurship, China had not yet clarified the classification of the preparations and there were almost no investment institutions interested in the field.
Reviewing over one decade of development history of his company, Wen said that every crisis hid opportunities. After the introduction of the new drug classifications in the country in 2016, the company was among the first to ride the wave of opportunity and gained the favor of many investors.
Later on, for a period of time, the processing fees of original equipment manufacturers increased by more than 10 times compared with the contract agreement, making it necessary for his company to build its own Good Manufacturing Practice or GMP production base.
Wen thanked China Medical City for its strong support in the areas of venues, platforms, equipment and funds during his company's period of challenge and even sometimes crisis.
Taking innovation as the lifeline, the company also has research and development centers in South China's Guangzhou city and in San Diego city in California, US. Over the past three years, it has invested up to 250 million yuan ($34.81 million) in research and development, surpassing many similar enterprises.