Abstract
IN A MEETING ROOM in a building resembling a residential home in Shanghai’s Zhangjiang Hi-Tech Park , Li Chen and John Choi describe the business plan of their new company. Called Hua Medicine, the firm will launch breakthrough drugs within four years, they predict. Hua will manufacture the compounds and sell them with its own sales force. It will also license its internally developed drugs to multinational companies. Yet right now, Hua is a modest operation that employs eight people. Hua doesn’t have an R&D lab yet, let alone a manufacturing facility. It operates in a loaned building formerly used by the administrators of the industrial park. Most entrepreneurs excel at talking convincingly about their new ventures. Over the past two years, optimistic executives and scientists have used these skills to launch research-based pharmaceutical companies in China that aim not only to discover and develop new drugs, but also to manufacture and distribute them. It ...
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