Pharmaceutical Co looks for international partners

Tianjin Pharmaceutical Holdings Co Ltd, a State-owned pharmaceutical wholesaling and distribution company, has set the goals of realizing revenue of 35 billion yuan ($5.7 billion) and a profit of 1.8 billion this year, said Lu Yanchang, general manager of the company.

Innovation has been the key driver of the company's growth as it has invested a total of 1.42 billion yuan in research and development in recent years, boosting its R&D expenditure to 5 percent of its overall investment, according to Lu.

"This has substantially helped improve our profitability, which is now six times more than it was in 2006," Lu said in an interview before the opening of the Summer Davos in Tianjin.