Friday, July 19, 2024

Bayer endorses updated patent legislation

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Shanghai is on track to become a hub for international intellectual property rights protection, according to a top executive of leading healthcare company Bayer.

“IPR protection against innovative drug patents is an important factor of the business environment and latest improvements in the patent law have given further confidence for multinational companies to continue to invest in China and to introduce innovative medicines in parallel with overseas markets,” said Alex Liu, vice president of intellectual property at Bayer (China) Ltd.

As the revised patent law went into effect in June 2021, China implemented a patent term extension mechanism for innovative medicines, which provides multinational pharmaceutical companies with a solid foundation and systematic assurance, he said.

As of February this year, Bayer had received approval from Chinese authorities for 19 new medicines covering 36 indications, nearly matching the global market. Last year, Bayer China’s sales were 3.52 billion euros (US$3.78 billion).

Bayer Pharmaceuticals and Shanghai Pharmaceuticals also intend to collaborate on the Bayer Co.Lab incubator, which will be unveiled later this year and will focus on cutting-edge innovations in cell and gene therapy, as well as oncology.

Shanghai has established an intellectual property rights protection mechanism aimed at foreign-funded firms to promote the city as a global hub for IPR protection.

Yu Chen, deputy director and spokesperson at the Shanghai Intellectual Property Administration, has identified e-commerce and biopharmaceuticals as key areas for the city’s intellectual property rights protection initiative.

It also aims to stay up-to-date on industry standards and best practices through regular seminars and exchanges with multinational firms.

Bayer stated that it supports and appreciates the Chinese government’s efforts to optimize the business environment by implementing a series of favorable policies and improving laws and regulations, resulting in China becoming one of the world’s most dynamic markets.

Bayer’s consumer health unit has signed a 600-million-yuan investment agreement for the first phase of a new industrial production and supply chain base in Qidong, Jiangsu Province.

The Bayer Consumer Health Supply Center’s first phase consists of production lines for solid dosage form technology, laboratories, warehouses, and utility facilities totaling 76 mu (5 hectares).

By 2028, Bayer’s global supply chain network for consumer health products and nutritional supplements will include the new facilities.

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