NEW YORK, Nov 10 - Packard Bioscience said Friday its new Asian subsidiary, to be based in Hong Kong would focus on selling instrumentation and products to companies focused on validating the importance of Chinese medicine." In the region, the biotechnology field is moving to apply scientific principles to traditional Chinese medicine," Yuk Lam Lo, president of Packard Pacific, said in a statement.
" This new trend promises a tremendous increase in life sciences research and the drug development market as researchers begin to identify and isolate components within traditional Chinese medicine that offer life saving therapies," he said.
Trish Caldwell, Packard's corporate communications manager, said that the company would not focus on selling its biochips and biochip arrayers in Asia in the near term.
" We don't have any immediate plans to market that instrument overseas in Asia, but eventually we will be sending our arrayers and service and support people to assist in the use of these instruments," Caldwell said.
Packard said the new subsidiary would give it the ability to enhance its position in the region. The new office will add to an existing group of offices already working with Packard on a contract basis.
Packard previously announced its intentions to expand its life science business, saying it would use proceeds from the sale of its Canberra Industries subsidiary in order to step up those efforts.