Richter, the Hungarian drug maker has just entered into a joint venture partnership to be able to market its products better in the world's largest market, China. The announcement was made on the Budapest stock exchange website last Monday.

Richter's stake is at 51% and has formed Rxmida Pharmaceutical together with its marketing partner. This stake is only an initial investment and the drug maker may increase its share stake in the future. With the joint venture, the company is expecting its sales revenue to increase by at least 3% in 2013 but its operating profit margin is expected to tumble owing to increased cost of sales.

The specifics of the joint venture include the employment of 200 staff members to be dispersed in seven different locations across China. The goal is to promote the company's prescription products as well as third party medication the company carries in its product line.