SHANGHAI, China, April 28 /Xinhua-PRNewswire-FirstCall/ -- WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, today proudly announced that it has been listed among "The BCG 50 Local Dynamos" by The Boston Consulting Group (BCG).
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BCG defines local dynamos as companies from rapidly developing economies (RDEs) that remain local and use truly innovative business models to conquer their domestic markets. BCG has identified six key success factors that distinguish these 50 local dynamos from their less successful competitors. These six factors are: customizing to local needs, devising innovative business models that overcome local challenges, leveraging the latest technologies, benefiting from low-cost labor and overcoming shortages of skilled labor, scaling up fast and sustaining long-term hyper growth without imploding.
Among the 50 local dynamos, 15 are from China and WuXi PharmaTech is the only winner in the health care industry. Other China-based winners include Baidu.com, Ctrip.com International, Focus Media, New Oriental Education and Technology Group, and Shanda Interactive Entertainment.
"We chose companies mainly based on their having an innovative business model," commented David Michael, the report's coauthor, Partner and Managing Director of BCG Greater China.
"We are very pleased and honored to be one of The 50 Local Dynamos by BCG. With a vision to transform the global drug and medical device R&D model, WuXi PharmaTech is building a global R&D service platform that serves pharmaceutical, biotechnology and medical device companies worldwide," commented Dr. Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech. "We will continue our unremitting efforts to better serve clients and create value for our shareholders."
About WuXi PharmaTech
WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology and medical device companies a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. For more information, please visit: www.wuxipharmatech.com.
SOURCE WuXi PharmaTech