Merck & Co Inc and Simcere Pharmaceutical Group announced on Wednesday that their joint venture has officially been launched.

By using both companies' advantages in the fields of manufacturing, sales, and research and development, the joint venture aims to become an excellent homegrown pharmaceutical enterprise with a broad product line.

The venture will dedicate itself to improving the accessibility of high-quality drugs for Chinese patients, especially those in rural areas. Initially, the new company will concentrate on chronic diseases because of their growth in China.

Currently, over 260 million people are diagnosed with chronic disease, and 2 million people die from cardiovascular and cerebrovascular diseases each year in China.