Shanghai Pharmaceuticals will ink more than $3.06 billion worth of procurement contracts with 69 worldwide pharmaceutical companies this year, according to Global Times.

Pfizer, Sanofi-Aventis, Merck and Novo Nordisk are just a few involved, and the contracts are estimated to account for approximately 60% of Shanghai Pharmaceuticals' total procurement of drugs and medical devices.

Li Yongzhong, vice president of Shanghai Pharmaceuticals, said that the company hopes to double its volume of business with overseas pharmaceutical companies in the future.

"Our value-added support is a big help for those overseas drug makers who can greatly benefit from the growing Chinese market," an officer surnamed Lu from the office of the board of directors of Shanghai Pharmaceuticals told the Global Times. "With our domestic resources, we can provide market entry support for new medicines, winning government tenders, relevant policy information, new product registration, and all other related fields."