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Pfizer Inc. (NYSE: PFE), the world’s largest research-based pharmaceutical company, and Zhejiang Hisun Pharmaceuticals (SSE Code: 600267), a leading Chinese pharmaceutical company, today announced the launch of Hisun-Pfizer Pharmaceuticals Co., Ltd. (hereafter referred to as Hisun-Pfizer), a joint venture formed between the two companies to develop, manufacture and commercialize off-patent pharmaceutical products in China and global markets. The creation of the joint venture marks an important milestone in strengthening the ability of both companies to reach more patients with high-quality and low-cost medicines in the branded generics arena.
The launch ceremony held today was attended by Mr. Shao Zhanwei, Mayor of the Hangzhou Municipal Government; Mr. Bai Hua, Chairman and President of Hisun Pharma.; Ian Read, Chairman and Chief Executive Officer (CEO) of Pfizer Inc.; Olivier Brandicourt, President and General Manager, Emerging Markets and Established Products Business Units of Pfizer Inc.; and Kevin Xiao, CEO of Hisun-Pfizer. Also in attendance were other senior officials from the Chinese government and senior leaders from Hisun, Pfizer and Hisun-Pfizer.
Off-patent medicines, including branded generics, represent one of the fastest-growing segments in the global pharmaceutical market. This is especially true in emerging markets, where cost and access are primary drivers of off-patent medicine growth. In China, branded generics account for 70% of the domestic pharmaceutical market.
Hisun-Pfizer will take advantage of Hisun’s strong product portfolio, broad market outreach and experience with the production and commercialization of branded generic medicines. The joint venture will also benefit from Pfizer’s world class research and development (R&D), manufacturing quality management, international market promotion and operational capabilities. It will focus on R&D and the production and commercialization of high-quality branded generic medicines, and the broader commercialization of existing medicines through a local and global sales and marketing infrastructure. It will be operated in accordance with international quality standards to advance both companies’ mission of bringing high-quality and affordable medicines to address the medical needs of patients in China and worldwide.