With 86 years of history and around three-fourths of its business engaged in diabetes care, Novo Nordisk maintains more than 50 percent of the insulin market by volume around the world, thanks to its focused strategy.
The Denmark-based company said that it will continue this approach in China, which is its fastest-growing market.
"We have made a long-term strategic commitment to China, from building up our organization for sales and marketing to investing in local manufacturing and research and development," said Lars Rebien Sorensen, president and CEO of Novo Nordisk.
Sorensen told China Business Weekly that the company's efforts in China are focused on diabetes, given poor public awareness about this chronic disease.
Educating medical professionals and patients is a priority, Sorensen said.
A diabetes-focused sales strategy helped the healthcare company obtain a positive performance despite the global economic downturn.
Novo Nordisk generated year-on-year sales growth and operating profit increases of 12 percent and 38 percent, respectively, last year. The company has reported 29 consecutive quarters of double-digit sales growth.
Sorensen said the figures in China were even higher, citing 30 percent sales growth over the last few years.
"We focus on areas where we have leading expertise, so we are best able to develop new products and services. Our focus is our strength," Sorensen said.
Novo Nordisk established a research and development (R&D) presence as a long-term growth strategy in the competitive pharmaceutical industry.
Novo Nordisk in 2002 established the first R&D center in China built by an international pharmaceutical company. The center in Beijing was also the first facility run by Novo Nordisk outside its headquarters in Copenhagen, Denmark.
Full story in English
News category: Denmark
Published on this site: Oct. 29, 2009
Source: english.people.com.cn