Bayer AG (ETR: BAYN), a German multinational pharmaceutical and life sciences giant, has announced the launch of the China Center of Innovation and Partnership (CIIP) at the SH-INNO incubator in Shanghai. The incubator, established in August this year, is a collaborative effort between Shanghai Pharmaceuticals (SPH; HKG: 2607; SHA: 601607), leading universities, and top-tier scientific research institutions. CIIP, grounded in scientific research and consumer-centric needs, is poised to invest EUR 20 million to foster innovation and collaboration in the medical and health sectors, aiming to expedite innovative R&D and support businesses in developing self-care solutions tailored to Chinese consumers.
The inauguration of CIIP signifies a substantial step forward for Bayer in the Chinese market, where the company has been operating for over 140 years. As of 2023, Bayer Healthineers’ innovative products in China represent 15% of the company’s global innovative products, with expectations to contribute more than 30% to the growth of its business in China by 2024. Similarly, the innovative products of Bayer’s Consumer Health Division in China account for 15% of the total global innovative products, also projected to contribute over 30% to the growth of its business in China by 2024. Beyond empowering local innovation partners, CIIP will leverage Bayer’s extensive experience in international promotion to integrate consumer needs from China, the Asia Pacific region, and globally, utilizing Bayer’s worldwide network to accelerate the internationalization of China’s innovative achievements.- Flcube.com
