China looks to inject new energy into pharmaceutical sector

Chinese companies are hoping to make a mark in one of the world's pharmaceutical 'capitals.'

A group of 10 industry leaders travelled to Basel for Swiss Biotech Day, one of the biggest conferences in the sector. The Swiss city hosts the event each year and is home to pharmaceutical giants, Roche and Novartis. Several firms from China have also set up subsidiaries in the area.

AcroBiosystems is one of the Chinese 'pharma' companies making an impression on foreign shores. It's just 14-years-old, but already has operations in the United States, Switzerland, UK and Germany. It built its first European logistics center and warehouse in Basel.

The Chinese delegation at Swiss Biotech Day is looking to build on the success of firms like AcroBiosystems. The group held a roundtable discussion as well as meet-and-greet sessions with executives at the conference. Analysts say these gatherings could be crucial when companies look to expand.

"So having these companies here is actually about telling the stories," says Gregory Rall, deputy head of innovation at conference firm, Sachs Associates. "You have to explain how the journey works, what kind of key opinion leaders you'll meet in China and other hubs. And also you have to find your experts - maybe your future partner or investor."

China offers plenty of opportunities to Swiss 'pharmas'. It's the second-largest pharmaceutical market in the world, after the USA. It also provides a launchpad into the rest of Asia. But deals aren't done on paper alone. "I think personal contact is still very important, even now with video sessions," says Minyue Dong, director of the China Economics and Finance Center (CEFC). 

The center explores opportunities for cooperation between China and Switzerland. Dong says events like Swiss Biotech Day are crucial because they build relationships. "Physical contact is really valuable because mutual trust is the first step, and then you start the second step. And the second step is cooperation."

Subscribe to Storyboard: A weekly newsletter bringing you the best of CGTN every Friday