Backed by 16 years of experience, Formosa Laboratories is strengthening its business on the mainland through its new subsidiary, Shanghai Epion Enterprise, and the establishment of a joint venture with its business partner in Beijing.
"The China market will be a major source for our revenue growth. It is a good place to further grow our business," says CEO Cheng Chen-yu.
Founded in December 1995, Formosa Laboratories has grown from a contract laboratory to a well-established producer of active pharmaceutical ingredients (APIs), providing full services from research to commercialisation in the pharmaceutical industry. The merger with LC United Chemicals in July 2008 further positioned Formosa Labs as one of the three major producers of ultraviolet filters, which it expects to grow 3 to 5 per cent annually.
Formosa has longstanding relationships with mainland suppliers, including producers from Beijing and Nanjing. From its first Chinese engagement, involving two APIs that were also produced on the mainland, Formosa is set to register some of its APIs for direct sale in the country.
Armed with strong research and development capabilities, Formosa has more than 20 active product development projects and has been granted eight process patents, with 22 under review.
Formosa has also passed numerous international inspections from the United States, Germany, Japan and Mexico. The Taiwan Food and Drug Administration has also bestowed the company 19 good manufacturing practice certificates and Thomson Reuters has recognised it as an established API manufacturer. These accolades attest to the superior quality of Formosa's products and processes.
The company is pursuing more joint venture and merger opportunities on the mainland. It hopes to work with Chinese API manufacturers with notable experience in good manufacturing practice standards.
"Having become a public company in March last year, we are looking for more partnerships domestically and globally," Cheng says.