Pfizer and China’s Zhejiang Hisun Pharmaceutical have established a joint venture, Hisun-Pfizer Pharmaceuticals, to develop, manufacture, and commercialize off-patent drugs in China and global markets. The firms claim off-patent drugs, including branded generics, represent one of the fastest-growing pharmaceutical segments globally, and in particular in emerging markets. In China, for example, branded generics account for some 70% of the domestic pharma market.
Hisun-Pfizer will exploit Hisun’s product portfolio, broad market outreach, and capabilities in the production and commercialization of branded generics, backed by Pfizer’s expertise in R&D manufacturing, international market promotion, and global operations. Hisun says the venture paves the way for its transition from an API manufacturer to an established branded generics firm, and lays a foundation for Chinese pharmaceutical companies to expand into international markets.
“The joint venture demonstrates Pfizer’s commitment to China’s ongoing healthcare reforms and is an important milestone for Pfizer’s efforts to broaden the reach of its world-class healthcare solutions in China,” comments Xiaobing Wu, country manager of Pfizer China. “Providing high-quality, accessible, and affordable healthcare to people over a vast area and from broad socioeconomic levels has become a primary objective of Chinese healthcare reforms, which is aligned with Pfizer’s mission to provide high-quality and affordable medicines to our patients.”