Hungarian drug maker Richter has formed a joint venture to market its products more effectively in China, according to a statement posted on the web site of the Budapest stock exchange on Monday.

Richter took a 51% stake in the venture, formed with the owner of its marketing partner, Rxmidas Pharmaceuticals, and the Hungarian firm said it might take a bigger stake in the future.

Richter has said it expects sales to rise 3% on the year in euro terms in 2013 but that its operating profit margin is likely to fall, partly due to the rising cost of sales.

The joint venture will have 200 staff across 7 locations in China, Richter said, promoting the company's own prescription products and third-party prescription products.