The Shanghai Free Trade Zone (FTZ) recently became home to a new pharmaceutical giant – Shanghai Lanqiao Biotechnology Co, officials said.

The company will locate its biotechnology headquarters in the free trade zone's Waigaoqiao Biomedicine Park.

Shanghai Lanqiao is a high-tech pharmaceutical company specializing in scientific research, production and trade.

The company, which cooperates with a number of major Chinese and foreign pharmaceutical companies, is a leader in the research of vitro diagnostic reagents (ICD Reagents). 

The Shanghai Free Trade Zone is currently working to introduce biotechnology companies to develop an industrial cluster.

A number of key biotechnology projects by leading high-tech companies such as DISCO and Edwards are already being carried out in Waigaoqiao Biomedicine Park.