Roche forecasts jump in China sales

Roche forecasts jump in China sales

SHANGHAI : Swiss pharmaceuticals giant Roche Group has forecast a jump in its sales in China to between three to five percent of its current global total, as Chinese with more disposable income spend more on health, state press reported on Monday.

Pharmaceutical sales are expected to rise as Chinese with more cash contribute larger portions of their rising incomes to health, Xinhua news agency reported, citing Zhou Pingshan, the newly-appointed general manager of Shanghai Roche Pharmaceuticals.

Excluding Japan, Roche's sales in China accounted for 25 percent of total sales in Asia last year -- about US$320 million. However, those sales only made up one percent of Roche's worldwide sales.

Since 1994, Roche has invested $236 million in China, setting up three wholly-funded enterprises in China as well as three joint ventures.

Separately, Zhou refuted media reports about Swiss Novartis' possible acquisition of Roche, saying that the Roche family, which holds 50.1 percent of the company's voting stocks, will not agree to sell its majority share before 2009, the report said. --AFP