PRA expands its Chinese presence as market swells
Global CRO PRA is opening its second operation in China, looking to cash in on the growing market there as more and more pharmas launch Chinese outposts.
The new digs are in Beijing, complementing PRA's Shanghai facility, established in 2005. Regulatory reforms have made China one of the world's fastest-growing healthcare markets, and drugmakers from the U.S. and Europe have followed the money, flocking to the country and increasing the demand for clinical trials, PRA says.
Setting up shop in Beijing's central business district will allow PRA to better serve its existing clients and attract new ones from China's burgeoning domestic pharma industry, Executive Vice President Kent Thoelke said in a statement.
"In order for global drug development to continue successfully, the need to access patients at high-quality ICH/GCP sites in emerging regions like China is critical," Thoelke said. "PRA's expansion in this market gives us the ability to bring exciting new clinical trials to a much broader market in China, while providing even greater patient access to our clients and sponsor companies."
And PRA is hardly the only player looking to expand its presence in China. In June, Quintiles announced its plans to build a 43,000-square-foot research facility in Shanghai, and Big Pharmas, like Takeda Pharmaceutical Industries and AstraZeneca ($AZN), have said they plan to rely on outsourced R&D in the country.
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