Oct. 25 (NBD) -- The biomedicine industry of Southwest China's Chengdu city is expected to experience fast growth. 

NetVation (HK) Limited, a joint venture co-built by leading research-based biopharmaceutical company Pfizer and CAS Holdings, HitGen Ltd., a biotech company based in Chengdu, and Chengdu Tianfu International Bio-Town signed a tripartite agreement at a forum in Chengdu last week. 

Under the terms of the agreement, they will invest and launch an innovative drug R&D collaboration project at Chengdu Tianfu International Bio-Town. 

Featuring an initial investment of around 30 million yuan (4.5 million U.S. dollars), the project will leverage Pfizer's R&D expertise and HitGen's capabilities in screening to improve China's innovative drug R&D to the international standards, a person with HitGen said. 

This project will blaze a trail for the thorough cooperation between Chinese and foreign pharmaceutical enterprises.  

Chengdu has a favorable environment for the biomedicine development, and if there is a chance, Pfizer would like to establish a laboratory together with Chengdu Tianfu International Bio-Town in the future, Michael A White, Vice President of Tumor Cell Biology and Chief Science Officer of Pfizer, said at the forum. 

Pfizer is not the only foreign-funded company that shows strong interest in Chengdu's biomedicine industry. 

Last week, healthcare giant Medtronic broke ground on its medical innovation center at Chengdu Hi-Tech Zone. Before that, it has built production lines for portable haemodialysis system and next-generation probe-enhanced insulin pump system in the southwestern city. 

Omar Ishrak, Chairman and CEO of Medtronic, once said that Chengdu has ample scientific research and medical resources as well as top talents in electronic engineering, materials and chemical engineering, and healthcare. This, plus the industrial base, will give businesses there an edge in R&D and recruitment, which will accordingly guarantee their sustainable development.  

Email: lansuying@nbd.com.cn