The Boehringer Ingelheim China External Innovation Hub is unveiled in Pudong New Area, Shanghai on July 2. [Photo/WeChat account: pdnews]

Boehringer Ingelheim, a German-based pharmaceutical company, plans to invest 451 million euros (3.54 billion yuan) into expanding its operations in Pudong New Area, Shanghai over the next five years, said Felix Gutsche, managing director of the company in China, at the launch ceremony for the Boehringer Ingelheim China External Innovation Hub on July 2.

The money will mainly be used in the clinical research and development of animal health products and the expansion of bio-medicine production centers in the Zhangjiang Science City.

The company considers China one of its most important markets. 

A total of 71 new products or indications developed by Boehringer Ingelheim (China) are expected to be approved in China over the next 10 years.

In March, the company announced that it will open the first branch of its digital lab, BI X, outside Germany in Shanghai in July.

Gutsche also revealed that the company is preparing for the third China International Import Expo (CIIE), which is scheduled to be held in Shanghai from Nov 5 to 10, and will showcase its performance during the fight against the COVID-19 outbreak.

The innovative hub combines academic cooperation, business expansion and permits, as well as venture capital.

It will be committed to researching the most cutting-edge bio-medicine technology, absorbing innovative projects via licensing, and developing new therapies and digital health projects through equity investment.

"The new business model will provide one-stop solutions for innovators in the bio-medicine industry in China and Asia," said Dr Zhang Weiyi, head of the hub.

"From early research to strategic investment, the hub will help turn ideas into reality."