GEN Dispels Five Myths About Doing Business in China

March 7, 2012 - PRLog -- Contact: John Sterling, Ph. 914-740-2196, jsterling@genengnews.com

GEN Dispels Five Myths About Doing Business in China

New Rochelle, NY—Despite China’s rapid economic growth and the influx of thousands of global companies into that country over the past two decades, it is not too late for biotech companies to enter China, reports Genetic Engineering & Biotechnology News (GEN) (http://www.genengnews.com). However, several myths need to be dismissed before taking this step, according to the most recent issue of GEN (http://genengnews.com/gen-articles/myths-about-doing-business-in-china/4020/?page=1).

“China has become a key player in the life sciences with a number of extraordinary biotech centers of excellence based near major cities,” said John Sterling, Editor in Chief of GEN. “There are numerous possibilities for small and large biopharmaceutical firms to form collaborations and agreements with Chinese companies. But you need to understand what it takes to be successful in China, and step 1 is to dispense with some myths about doing business there.”

Myth 1: Companies go to China because of the cheap labor
Myth 2: Most people in China cannot afford and do not want Western medicine
Myth 3: Minimal or no innovation occurs in China
Myth 4: Minimal or no IP protection exists in China
Myth 5: The same business logic in the West can be applied successfully to China

In addition to demonstrating why these myths are just that—myths—the GEN article discusses how, in taking advantage of the many biotech opportunities in China, companies should proceed with care, patience, and persistence.

For a copy of the March 1 issue of GEN, please call (914) 740-2122, or email: ebicovny@liebertpub.com.

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Genetic Engineering and Biotechnology News(http://www.genengnews.com), which is published 21 times a year by Mary Ann Liebert, Inc. (http://www.liebertpub.com), is the most widely read biotechnology news magazine worldwide. It includes articles on Drug Discovery, Bioprocessing, OMICS, Biobusiness, and Translational Medicine.