China’s OTC market is predicted to become the world's second largest OTC market in 2010, according to Olivier Charmeil, Sanofi-Aventis' senior vice president for pharmaceutical operations in Asia/Pacific and Japan. The JV is in-keeping with the pharma giant’s plan to establish joint ventures rather than create R&D facilities in China.
The move marks Sanofi-Aventis entrance into China's OTC market, currently valued around $10.3 billion, and projected to experience double-digit growth over the next five years.