With the U.S. poised to legalize marijuana next month, the nation’s pharmaceutical manufacturing sector is set to be one of the first in the world to benefit.
The U.K. and Australia are already operating the world’s largest manufacturing facilities for pharmaceuticals.
But now, it’s China’s turn to take advantage of the nascent market.
The country’s manufacturing giant China Pharmacopro has signed a memorandum of understanding with the United States to manufacture pharmaceuticals at the company’s two U.M.
S facilities, the Chinese government said in a statement Monday.
It said the agreement will create more than 6,500 jobs in the U., Michigan and the UMW.
The agreement “is expected to create up to 10,000 jobs in U.H.S., Michigan, and UMWs manufacturing facilities, as well as other important jobs and services for Chinese citizens and their families,” according to the statement.
The announcement came as U.N. Secretary-General Antonio Guterres expressed optimism that the global shift toward legal weed will be achieved before the U,M.M.-U.S.-China agreement is finalized.
“There is no doubt that this is a milestone moment for drug manufacturing in the 21st century,” Guterre said Monday.
“But this is not the end of the story, and we are still far from achieving full implementation.”
China, the world ‘s second-largest consumer of prescription drugs after the U-K., has been a pioneer in the drug manufacturing sector, exporting nearly 40 million pills annually to other countries, according to figures released by the UPMC.
The U.C.I.A. estimates China’s domestic supply of prescription medication, which includes pain medication, is about a quarter of global demand.
The company has been working on making marijuana-based painkillers for more than 20 years.
China has been one of China’s top buyers of medical marijuana, but U.R.M.’s agreement with the Chinese is the first of its kind to take effect.
China Pharmacoprop said it will create 7,500 new jobs and a further 1,000 in UH.
M., Michigan & UMW, the company said.
The memorandum of understandings includes the establishment of an industry-wide joint research and development center, the establishment and development of manufacturing plants, and the development of joint manufacturing services.
China has already been the world leader in pharmaceuticals manufacturing for decades, with nearly 30,000 pharmaceutical manufacturing facilities and more than 500,000 employees, according the UU.
C.-based National Drug Control Board.
In 2015, the UH-M.F.
M Medical Cannabis Commission, a collaboration between the UMH-U.H.-UMW, established a joint research institute to explore the development and utilization of medical cannabis for pharmaceutical purposes.
The joint U.U.
M-UMW-China deal is expected to produce approximately 6,000 new jobs in China, the statement said.
The drug manufacturing industry is expected grow by about 60 percent over the next decade, according Toorak MP Andrew Smith, who studies the sector at UH’s Faculty of Public Health.
The joint UH–UMW agreement is an indication that this industry is not going away,” he said.
Smith said China’s industry could play an important role in the development the drug delivery system.”
If we can get the Chinese companies involved in the manufacturing of prescription medications, then there’s an enormous amount of value in getting a Chinese company involved in that process,” he added.