(Yicai Global) Oct. 30 -- Germany's Boehringer Ingelheim, a multinational pioneer in drug contract manufacturing in China, will invest EUR174 million (USD193 million) in the Asian country till 2023, focusing mainly on veterinary health, according to its China chief.

BI will upgrade its veterinary healthcare facilities and boost production, state-backed news outlet The Paper reported yesterday, citing Felix Gutsche, the Ingelheim am Rhein-headquartered firm's China chief executive. 

IB already has China's largest animal health lab in terms of investment, the Asian Veterinary Research & Development Center, in Shanghai's Zhangjiang High-Tech Park. The center was originally opened in 2012. 

China is one of BI's most important markets and Shanghai is the center of talent with an increasingly progressive business environment, according to Gutsche. The company will participate in the China International Import Expo for the first time this year, bringing its latest achievements in the fields of both human and veterinary healthcare.

Founded in 1885, BI entered the Chinese market in 1994. It has invested EUR300 million in China with more than half of that going to Shanghai. BI was the first biopharma firm to participate in China's Pharmaceutical Marketing Authorisation Holder pilot program to develop and sell its drugs in the country.

Editor: Emmi Laine