Pfizer bolsters China presence with $350m plant for biotech

Pfizer Inc said Tuesday it will invest $350 million in Hangzhou, eastern China on a plant for biotechnology drugs, bolstering its presence in the world's second biggest pharmaceutical market despite slowing economic growth in the country and rising pressure on prices for medicines.

The new facility is expected to be completed in 2018 and will manufacture biologics, or complex medicines made from living organisms, as well as biosimilars for patients in China and across the world, Pfizer said in an e-mail statement Tuesday.

Biosimilars are highly similar versions of biologic drugs that usually go through a complex manufacturing process. Making them requires greater precision than generics that copy relatively more straightforward chemical-based treatments.