We visited Bristol-Myers Squibb China operations called Sino-American Shanghai Squibb, where we met with some very articulate professionals who told us about their business. B-MS is the biggest global company of all those we visited on this interim. They were the first global pharma company to establish operations in China in the 1980s, at the location we visited which has both offices and manufacturing. The make drugs for the Chinese market here... one of the big drugs for them is Baraclude, for Hepatitis B which has a high incidence rate in China. We learned about other drugs B-MS makes and sells in China, as well as the history of their operations. When they started, the land their are on was just a field on the outskirts of Shanghai. Now it is a fully built up area. Since they were an early leader in being in China they have been a model used by the Chinese govt for other companies to follow. They started as a JV with the govt being their partner, but now their partner is a company which is partly owned by the government. Either way, they are run as a regular for profit commercial enterprise in China and must operate in a way that keeps the government happy. So in that respect, not much different than North America and Europe business enterprises. We also put on hair nets, booties and lab coats and visited they production facilty. Finally we ate lunch in their employee cafeteria. The food was excellent and they treated us to it. So that was even better than the $1 lunch the day before ! Everybody is getting quite proficient with chop sticks.