Representatives of Jiangsu Wangao Pharmaceutical Co sign an agreement on March 1 to launch a biomedicine project in Haimen district, Nantong, Jiangsu province. [Photo/WeChat account: haimenfabu] 

Representatives of Jiangsu Wangao Pharmaceutical Co on March 1 signed an agreement to build a 5-billion-yuan ($694.50 million) biopharmaceutical facility in Haimen district, Nantong, Jiangsu province.

The facility aims to produce innovative and generic drugs, providing a substantial boost to the development of Haimen's biopharmaceutical industry, as highlighted by a local official.

Wangao Pharmaceutical, based in Nantong, is a national high-tech enterprise and a provincial "little giant" enterprise, with research and development centers in Nanjing, Tianjin, and other locations.

The company has secured a total of 32 invention patents, 37 registration approvals for chemical generic drug formulations, and 14 registration approvals for traditional Chinese medicine formulations.

Haimen currently hosts over 200 biomedicine enterprises, featuring a relatively complete industrial chain that encompasses active pharmaceutical ingredients, pharmaceutical formulations, and medical devices.