Shanghai Mayor Yang Xiong met Kenneth C. Frazier, chairman of the board and chief executive officer of Merck & Co Inc and chairman of Pharmaceutical Research and Manufacturers of America, last Thursday.
Yang said Shanghai gives priority to the development of the pharmaceutical industry, which has already become a key industrial sector. The world's leading drug producers have all invested in Shanghai and set up their regional headquarters, R&D centers and factories here.
He told Frazier that the Shanghai Free Trade Zone is pushing for more reforms and opening to facilitate trade and investment. The city is experimenting with new evaluation procedures for pharmaceutical companies with support from concerned central government departments. The pilot program is expected to boost the development of the pharmaceutical industry.
The mayor said Shanghai is accelerating its transformation into a global innovation center. The city will promote the exchange and cooperation between domestic pharmaceutical enterprises and their overseas counterparts.
Frazier said Shanghai has outstanding infrastructure and high-quality professionals. Measures to develop the free trade zone and to reform the evaluation and approval procedures for pharmaceutical companies will contribute to the industry.
The MSD R&D China Headquarters Merck set up in Shanghai is already in operation, Frazier said, adding that his company will better serve China's health industry and participate in Shanghai's effort to become a global innovation center.
Pudong Party Secretary Shen Xiaoming was present at the meeting.
Merck & Co is a Fortune 500 company and is known as MSD outside North America. Its China headquarters is located in Shanghai.
