"shanghaid":
verb. Past tense. Almost certainly named after the very large Chinese metropolis of Shanghai. Shanghaid is used to refer to an event in the past where one person cheats or defrauds another in a very clever fashion. See also jacked, janked, or swindled.
GSK said yesterday that it will spend $40 million this year to start a research facility in Shanghai that will grow into one of its largest research centers globally.
The world's second-largest pharmaceutical company has begun to look for a research facility location in the city and aims to recruit 50 to 100 top international scientists. Its initial investment of $40 million in 2007 is projected to grow even larger in the coming years, as the company plans to have 1,000 scientists working at the facility in 10 years.
China Daily
The world's second-largest pharmaceutical company has begun to look for a research facility location in the city and aims to recruit 50 to 100 top international scientists. Its initial investment of $40 million in 2007 is projected to grow even larger in the coming years, as the company plans to have 1,000 scientists working at the facility in 10 years.
China Daily
AstraZeneca last week announced one more initiative for AstraZeneca China: the company will open a sourcing center in China to source APIs [active pharmaceutical ingredients] there, with the goal of placing orders for $100 million of APIs by 2010. Eventually, it expects 90% of its APIs to come from China.
According to AstraZeneca officials, the change comes because of the increased protection for Intellectual Property in China and the high quality of manufacturing there.
The move also represents AstraZeneca's vote of confidence in the safety of Chinese pharmaceutical ingredients, at a time when tensions are high between the U.S. and China over food and drug exporting between the two countries.
The change in strategy means that, while AstraZeneca once operated under the slogan of "In China for China," it would now operate under the banner "In China for Global."
David N. Smith, Global Executive Operations Vice President for AstraZeneca, said the company would seek cost savings of 10% within three years in the $9 billion it spends each year to purchase goods. AstraZeneca will establish a sourcing center in Shanghai to accomplish this objective, a facility that will purchase APIs, formulated products, R & D services, chemicals and laboratory instruments.
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