Pingtan,the closest mainland place to the island of Taiwan, signed a 500 million yuan pharmaceutical deal on Feb 23 with Taimei Pharmaceutical Industry Co., Ltd.. The contract entails a chain of R&D labs and manufacturing plants for small-scale commercial drugs and cGMP drugs. Marked as a future multinational research center specializing in pharmaceutical R&D and generic drugs manufacturing, the project is anticipated to generate profitable returns the following year.

Reportedly, the project shall form an industrial chain that accelerates R&D work, sales, and inter-province manufacturing in Pingtan. Making use of drug formulas in the current market, manufacturers will boost production efficiency and reduce R&D costs.

The move marks a new start on cross-Straits cooperation in the pharmaceutical industry. "Subsequently, we are going to get down to the project and push for production as soon as possible," a member of Investment Promotion Commitee of Pingtan Comprehensive Pilot Zone said.

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