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SINGAPORE : Drug giant Bayer Schering is seeking to tap into the growing demand for healthcare services in Asia.
Bayer is among the growing number of pharmaceutical firms conducting clinical trials in the region - to better cater to customer needs.
It saw a 13 per cent jump in Asia-Pacific sales last year, with revenue pushing past one billion euros or US$1.4 billion.
Asia's ageing population is becoming a key focus for governments across the region.
And pharmaceutical companies like Bayer have turned their attention on the markets here.
For Bayer, key areas going forward will be to provide cardiovascular and cancer treatments for patients in the region, as well as oral contraceptives.
Half of the world's cardiovascular disease- and cancer-related deaths occur in Asia.
Coupled with rising access to healthcare in the region, that makes Bayer optimistic of its growth prospects in Asia.
Alok Kanti, regional head, Bayer Schering Pharma Asia Pacific, said: "We see above average growth rates in the economies of Asia Pacific compared to the global average, and at the same time, currently we see a lower than average usage of healthcare expenditures in these areas. So when you combine these two, you get a disproportionate opportunity for healthcare in Asia Pacific."
Bayer has just opened a research and development centre in Beijing and plans to invest more than US$140 million into the project over the next five years.
It also wants to expand into Vietnam and India.
Richard Nieman, Head of Global Medical Affairs Asia, Bayer Schering Pharma Asia Pacific, said: "We have a number of trials going on; we have a study going on in Vietnam regarding our liver cancer drug, which is an important study to be doing, involving Vietnamese patients..."
Last year, Bayer conducted 10 times the number of clinical trials in the region than it did in 2005. - CNA/ms
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