US-based pharmaceutical company Eli Lilly has opened its new Asian headquarters in Hong Kong.

President of Eli Lilly's Asian Operations Region Richard Smith said, "We chose Hong Kong as our regional headquarters because of its ideal central location where we can oversee and co-ordinate our considerable regional sales and clinical activities across Asia."

Eli Lilly's new Asian headquarters in Hong Kong will handle corporate and government affairs, legal, human resources, finance, marketing and medical functions in the region.

"Hong Kong is also a springboard for us to expand into China, one of the fastest growing pharmaceutical markets in the world," said Mr Smith.

"We think there will be improvements over time in China in areas such as intellectual property rights, tariffs and regulatory system following her accession to the World Trade Organisation. Hong Kong will certainly have an important role to play for our business expansion plans in China," he said.

"Our company is keen on evaluating new business proposals and further developing our clinical and research capabilities in Asia," added Mr Smith.

Eli Lilly has been in Hong Kong since 1976 with a sales office. The company employs 35,000 people worldwide and sells its medicines to more than 160 countries. It has major research and development facilities in nine countries.