Contract research organization (CRO) Frontage went to the Chinese market fairly early.
The full service CRO lab, which manages clinical trials to help clients bring potential new drugs to the market, opened the first research facility more than 10 years ago on the Chinese mainland and now has multiple clinics and research and development facilities across the country.
Li Song, founder of Frontage, sees huge growth potential in the Chinese pharmaceutical industry, especially after the Chinese government stepped up regulating the drug and medical device review and approval process since 2017.
The company's Chinese business generated more than 21 million U.S. dollars in 2017 from 3.5 million dollars in 2017. It expects to see even faster revenue growth in China in the next five years.
Many local businesses continue working closely with their Chinese partners even at a time when the Trump administration has unilaterally initiated a tariff battle.
Asked about the tariff issue, Farrell said, "What happens at the federal level is beyond my pay grade, but what we want to continue to do is to build bridges between our municipality here and other municipalities and people there that want to do business."
"In the long run, these grassroots kind of efforts to have people-to-people exchanges will benefit not only us locally, but will [also] help set a mood in the country," Farrell said confidently.
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