Wuxi Pharmaceutical (WX), a biotechnology and pharmaceutical research company, doubled its quarterly profits.
China is moving up the value chain. In the old days, American companies outsourced their manufacturing needs to China. Today, American companies are outsourcing more valuable services, such as biotechnology R&D, to Chinese companies.
Wuxi can not only produce the same research and clinical trials cheaper than its American counterparts, it can do it faster.
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