China drugmakers take on global rivals
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WHEN a branch of the Chinese army set up a medicine factory in 1939, it was intended mainly to help in the fight against the Japanese. It would later be used by Communist fighters in China's civil war before evolving into a state-owned drug company.
Today, the company is privately owned and on the front line of a different type of struggle. Its owner, Hong Kong-listed China Grand Pharmaceutical and Healthcare Holdings Ltd, has big ambitions to scale up and compete against Big Pharma firms around the world.
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