THE Co-operative Group has agreed a multi-million deal with a leading Chinese pharmaceutical company to supply generic prescription drugs to over 600 Co-operative pharmacy outlets.
The Group’s pharmaceutical wholesale subsidiary, Sants — previously part of United Co-ops — and Tasly Group, China, have signed an agreement to invest a total of £20m in the construction of a production facility in the city of Tianjin.
The plant will employ up to 200 people and is expected to begin production of a range of generic prescription drugs within a year. These will be supplied by Sants to over 600 Co-operative pharmacies in the UK and marketing opportunities will be sought across the wider European Union.
The announcement came just days after the completion of the merger between the Group and United which saw the creation of the world’s biggest consumer co-operative with over 4,500 outlets, four million members, 87,500 employees and a turnover of £9 billion.
Further coverage in the News, published August 7th.