China's Fountain Medical scores $62M as demand for CRO services surges
Circa 2016, China secured its status as the second-biggest market for prescription drugs. The soaring demand for medicines has fueled the return of key scientific talent, the appetite for spending on drug research and development, while China’s cost advantage has lured multinational pharmaceutical makers to set up R&D shops in the region and stimulated the domestic CRO industry. In 2007, a former Quintiles (now IQVIA) executive set up his own CRO in China — Fountain Medical Development Limited (FMD) — and on Friday, the company unveiled a $62 million Series D round of financing.
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