Merck CEO on China’s goal to become innovation hub

China has an ambitious plan to become a global leader in innovation along with technology, along with in which could potentially bode very well for German multinational company Merck KGaA.

The company is actually one of the leading names in science along with technology along with does business across three sectors: health care, life science along with performance materials.

The latter two business units help to make Chinese companies more competitive, Merck KGaA Chairman along with CEO Stefan Oschmann told CNBC on Thursday on the sidelines of the Fortune Global Forum in Guangzhou, China.

“For instance, we are working with Chinese start-ups or larger biotech companies inside manufacturing process along with the research process,” he said. “Or we’re producing materials for Chinese electronics manufacturers (along with) display manufacturers.”

As a result, Oschmann said, Merck KGaA is actually in a “very interesting place” inside rapidly developing Chinese market.

Earlier This kind of year, industry watchers agreed in which China was shedding its image as a country in which copies ideas via the West to become a tech along with innovation powerhouse. At least one expert said Chinese companies were increasingly innovating in more hardcore technological areas.

When asked if China was becoming stricter toward foreign companies operating within the mainland, Oschmann said he was seeing “a lot more assertiveness along with in which is actually only natural given the size of the market along with the importance of China inside entire world economy.”

He added in which the Chinese government, along with business partners, understand Merck’s value as a partner in helping to upgrade their industries in areas such as biotechnology along with electronics.

One common gripe many foreign companies have when the item comes to doing business in China is actually around intellectual property theft. although recently, Beijing has cracked down on intellectual property rights violations including corporate espionage along with counterfeiting of well-known brands.

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