SHANGHAI, June 16, 2011 /PRNewswire via COMTEX/ -- ShangPharma Corporation /quotes/zigman/625014/quotes/nls/shp SHP -0.74% ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that it has been recognized by China's Ministry of Commerce as one of the Top Ten Leading Outsourcing Enterprises in China. The names of the top ten companies were announced at the Fourth Annual China International Service Outsourcing Cooperation Conference, held in Nanjing on June 9 and 10, 2011. According to the Ministry of Commerce, revenue generated by Chinese outsourcing companies in 2010 rose 14.3% year-over-year to $3.51 billion. The top ten companies generated more than one half of that revenue, showing their strong leadership in the outsourcing services industry. They are mostly in the healthcare, IT, software & services, manufacturing, government, education and finance sectors. The top-10 ranking is based on gross revenue, offshore business revenue, number of employees and average revenue per employee. ShangPharma was one of the only two companies in healthcare sector. "We are honored to receive this recognition by the Ministry of Commerce," said Mr. Michael Hui, Chairman and CEO of ShangPharma Corporation. "For nearly a decade, ShangPharma has provided a great platform in bridging pioneering global drug research and development trends with China's rich talent and innovative resources. We are proud to be a major player in the fast growing CRO industry in China, and we believe that we are rapidly growing into a world-class company in the pharmaceutical & healthcare industry. We are grateful to the Ministry of Commerce, Shanghai Municipal Commission of Commerce, and local commerce authorities for their generous support of ShangPharma and the outsourcing industry in general. With continued support, we plan to strengthen our service capabilities, develop talent, and build our operations. We are looking forward to further growth as we continue to serve our loyal base of customers globally."
About ShangPharma Corporation ShangPharma Corporation is a leading China-based contract research organization providing high-quality and cost-effective services for the pharmaceutical and biotechnology industry. It offers a broad range of high-quality, integrated services across the drug discovery and development process to help international and Chinese pharmaceutical and biotechnology companies discover and develop novel drug candidates efficiently. ShangPharma's services consist of discovery chemistry, discovery biology and preclinical development, pharmaceutical development and biologics services. For more information, please visit www.shangpharma.com .
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