Global Markets: Local Joint Ventures Represent New Path into China Market
From - National Intelligence Report While the strategy of targeting the China market is nothing new, the tactics have evolved. Recognizing the need for a… . . . read more
While the strategy of targeting the China market is nothing new, the tactics have evolved. Recognizing the need for a strong local presence, western firms are increasingly teaming with operators on the ground to form new entities rooted in China. Accordingly, three of the biggest diagnostic deals in May and early June featured joint ventures between established western companies and local Chinese firms aimed at creating new operations inside China, including:
- MaqGen, a new entity formed in China’s Sichuan Province by Qiagen and local diagnostics firm Maccura Biotechnology to develop next-generation sequencing and genetic panels for the China market;
- The Wenzhou Institute for Genomic Medicine, a new research institute in China formed as part of a broader global research venture between Jackson Laboratories and a trio of Chinese partners; and
- Fujian Fujun Gene Biotech, a joint venture among Fulgent Genetics and local firms Xilong Scientific and Jinqiang Investment Partnership to offer genetic testing services in China.
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