Visitors check out the exhibition area of AstraZeneca during the 2022 China International Import Expo in Shanghai on Nov 5. TANG YANJUN/CHINA NEWS SERVICE

United Kingdom-based pharmaceutical company AstraZeneca, a Fortune Global 500 company, signed a cooperation agreement with the Qingdao National High-tech Industrial Development Zone on Aug 14 to further expand its Breztri Aerosphere inhalation aerosol production and supply project.

The initial cooperation agreement for this aerosol project was signed on March 25, with an investment of $450million. With this new agreement, AstraZeneca will add another investment of $250 million.

Since its entry into China in 1993, AstraZeneca has developed rapidly in the country. So far, it has invested $1.5 billion into research and development, while China has developed into AstraZeneca's second largest market. The company's production bases and logistics centers in China have exported drugs to nearly 70 countries and regions around the world.

According to senior industry insiders, China is expected to become the world's largest medical market and an important global source for medical technology innovation. As it stands, more multinational pharmaceutical giants have high hopes for the Chinese market and have accelerated their business expansion within the country.

Qingdao boasts a solid industrial foundation and a strong modern industrial system. Biomedicine and medical devices are two of the 24 industrial chains that are set to revitalize the city's real economy and high-quality development.

As the main carrier of the city's biomedicine and medical device industries, the Qingdao High-tech Zone is focusing on cultivating a large health industrial cluster that has international influence and strong competitiveness.