An agreement between Enfarma EP, Ecuador's state pharmaceutical company, and Chinese pharmaceutical giant, Sinopharm, was signed on Monday, allowing the Latin American company to host the development of pertinent medical projects such as the development of vaccines and antivenoms.

The deal, which is valued at $53 million, was finalized at the headquarters of Ecuador's Ministry of Industry and Productivity, and is set to be effective for three years, according to Plenglish News. During that time, Ecuador would enjoy an influx of vaccines and other medical supplies from Sinopharm.

Eduardo Egas, Ecuador's Minister of Industry and Productivity, stated that that the $53 million funding would primarily be utilized for the development of vaccines against prominent diseases such influenza and hepatitis B.

The vaccines that are set to be developed with the partnership will target viruses and bacteria such as apilloma and poliomyelitis.

That is not all, however, as an existing medical plant in the coastal province of Guayas is also set to be rehabilitated. A new facility would also be built in Duran, an Ecuadorian town.

Regarding the results of the development of vaccines, Egas assured that Enfarma would have full autonomy in the production of the vaccines and antivenoms.

Also very optimistic about the deal with Luis Monteverde, the general manager of Enfarma EP, who stated that the partnership with Sinopharm is a vital step for the country in order to foster and promote more foreign investment.

Cui Jiao, the representative of the Chinese conglomerate, also stated that the company is optimistic about the partnership, further adding that the agreement has marked the beginning of even more opportunities for Chinese industries and the Ecuadorian government.

The deal with Enfarma EP and Sinopharm comes at a time when Latin America is reeling from the onslaught of the Zika virus, which has already affected thousands of newborn babies across the region, reported The Comment.

With the Zika outbreak bringing widespread panic and chaos across Latin America, world-renowned pharmaceutical companies have started development on a possible antidote for the notorious virus.

GlaxoSmithKline Plc, one of the world's most respected pharmaceutical companies, is one of the key players in the development of a possible vaccine for the Zika virus. Gwynne Oosterbaan, a spokesman for the company, stated that GlaxoSmithKline has already reached out to partners and collaborators in the Latin American region in order to assess the current outbreak and possibly create a viable antidote.

Medical researchers, however, have warned that a possible cure for the Zika onslaught might still be months, if not years away.