Halifax, NS – A joint venture has been formed between diagnostic test maker MedMira and Chinese pharmaceutical company Tianhe Pharmaceutical. The partnership is intended to open new market verticals in China including over-the- counter sales for MedMira’s current and future rapid diagnostic products.
“The rapid growth of China’s economy and the recent entry of China into the World Trade Organization make this region the biggest future market for high quality in-vitro diagnostics products," says Guifa Tan, chairman and CEO of Tianhe Pharmaceutical. "We are very excited about this opportunity and pleased to be partnering with MedMira[and] together we will be able to fully utilize our resources to increase market share in all Asian countries, particularly in China."
The joint venture will see some production in China, while the majority of research and development and manufacturing will remain in Nova Scotia at MedMira’s headquarters. The company says this will directly result in additional jobs in Nova Scotia, while allowing for faster approval of new products in China and speedier entrance into other Asian markets.