Bayer plans to invest more in China

Multinational life sciences corporation Bayer AG will invest further in China and build bridges for the world to overcome global challenges, a senior executive said, acknowledging the progress that the country has made in innovation.

"We can see a lot of innovations in the country … In the pharmaceutical area, new medicines that have been introduced in the United States and Europe can now be also introduced immediately in China," said Matthias Berninger, executive vice-president of public affairs, science, sustainability and HSE at Bayer, in an exclusive interview with China Daily. "The number of drugs included in the National Reimbursement Drug List has significantly increased. This is one of the reasons why life expectancy in China has been increasing," he added.

The interview with Berninger took place at a countdown event for the upcoming China International Import Expo, which will be held from Nov 5 to Nov 10 in Shanghai.

"If China has a bad cold, the world suffers much, much more. The Chinese economy is one of the most important economies in the world, and a recovery of a strong Chinese economy will also help the rest of the world," the senior executive of the Germany-headquartered company said.

The expo, which has been held successfully for five consecutive years, is a platform to bring innovative products and industrial systems into China, and promote China's innovations to the world.

"The CIIE is one of the muscles of the Chinese economy, because it allows the exchange of products and ideas between different parts of the world. Hopefully, many conversations will happen on the sidelines of this event, which boosts innovation, strengthens global ties and ensures that we partner across different geographies in ways others at the moment have more difficulties to establish," Berninger said.

Industry experts also highlighted the importance of globalization in tackling several challenges.

"Major problems that humans are currently facing, including climate change, food security and healthcare, are global challenges that require collaborative efforts among countries and regions around the world," said Bo Wenxi, chief economist at marketing firm Interpublic Group China.

"This is particularly true for the healthcare sector, as innovations in the sector must be made based on a broad patient base around the world. In addition, innovative activities require collaborations between various markets with different resource endowments," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

Against the backdrop of the United States' stated objective of "decoupling" or "de-risking" from China, companies across the world are taking cautious steps.