NYSE-listed laboratory equipment provider Thermo Fisher Scientific Inc has launched a precision medicine customer experience center in Guangzhou as it eyes significant investments in China, its second-largest market.
Located in the Guangzhou International Bio-Island, the 600 square meter center showcases its products and services in genomics, proteomics and metabolomics.
It also serves as a hub for partnerships with its clients for establishing standard precision medicine platforms, and for joint research and development.
By using genetic testing, molecular imaging and other medical technologies, precision medicine analyzes a patient's genetic makeup, medical history and lifestyle, before offering customized prevention and treatment for diseases such as cancer.
Precision medicine is listed as one of the new strategic industries to receive support in the country's 13th Five-Year Plan (2016-20) period.
Breakthroughs in precision medicine are among the goals in the Health China 2030 blueprint issued by the State Council last year.
At the first experts' meeting on precision medicine strategy hosted by the Ministry of Science and Technology in 2015, it was announced that investment totalling 60 billion yuan (.7 billion) was expected in this sector by 2030, including 20 billion yuan from the central government.
The support from the government and the participation by businesses are accelerating the development of this sector, with 20 percent to 25 percent annual compounded growth by 2020 forecast, according to a report of Qianzhan Industry Research Institute.
Since spending in health care as a proportion of the GDP remains relatively low in China compared with some other countries, the sustainability of healthcare goes to more precise medicine, said Gianluca Pettiti, president of Thermo Fisher Scientific China.
"There is a no better place than China today to fulfill our mission. The aging population, the incidents of chronic disease, and the goal of sustainable health care for all the Chinese people require better diagnosis and therapies at the right cost," he said.
"The market is developing very fast ... with great opportunity in the next five years for health care players," he said.
China is the second largest market of Thermo Fisher after North America.
The company will continue to invest significantly in the next few years in the country in sectors including precision medicine, food safety, environmental testing and cooperation with academic institutions, he said.
The company runs 21 offices, six factories, five labs and an innovation center in China, supplying analytical instruments, lab equipment, chemical reagents, consumables and software.