Tianjin Pharmaceutical Holdings Co Ltd, a State-owned pharmaceutical wholesaling and distribution company, has set the goals of realizing revenue of 35 billion yuan ($5.7 billion) and a profit of 1.8 billion this year, said Lu Yanchang, general manager of the company.

Innovation has been the key driver of the company's growth as it has invested a total of 1.42 billion yuan in research and development in recent years, boosting its R&D expenditure to 5 percent of its overall investment, according to Lu.

"This has substantially helped improve our profitability, which is now six times more than it was in 2006," Lu said in an interview before the opening of the Summer Davos in Tianjin.

The Tianjin-based company is the fourth-largest pharmaceutical company in China in terms of revenue. It holds major or minor shares in more than 100 enterprises in China including joint ventures with British pharmaceutical company GSK and Japanese company Takeda.

Lu said the company will seek growth in four major business sectors - chemical and biological medicine manufacturing, modern Chinese medicines, high-end medical equipment and logistics.

He said that the company will continue to look for foreign and private partners to jointly explore the opportunities in the Chinese pharmaceutical market. He said the Tianjin Davos could serve as a good platform for his company to seek potential strategic partners from home and abroad.

zhuanti@chinadaily.com.cn