Looking for 'external innovation,' Boehringer Ingelheim reserves $500M+ for new Shanghai hub

Looking for 'external innovation,' Boehringer Ingelheim reserves $500M+ for new Shanghai hub

Source: 
Endpoints
snippet: 

Now that Boehringer Ingelheim’s bet on contract manufacturing in China has paid off, the German drugmaker is anteing up more to get into the research game.

Boehringer has set aside $507.9 million (€451 million) for a new External Innovation Hub to be built in Shanghai over five years. The site will become one of its “strategic pillars” as the team strives to get 71 approvals — either for new products or indications — by 2030, said Felix Gutsche, president and CEO of Boehringer Ingelheim China.