China

Pfizer has launched its joint venture company with Zhejiang Hisun Pharmaceuticals to develop off-patent pharmaceutical products in China.

The JV, Hisun-Pfizer Pharmaceuticals, will focus on R&D, the production of branded generic medicines and the commercialisation of existing medicines.

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Plans for the company were unveiled in June, with Hisun owning a 51% stake and Pfizer holding the remaining interest.

Off-patent medicines, including branded generics, represent one of the fastest-growing segments in the global pharmaceutical market, according to Pfizer.

In China, branded generics account for 70% of the domestic pharmaceutical market.

Bai Hua, chairman and president of Hisun, a state-owned company, said; “The joint venture will provide our patients with high-quality and low-cost branded generic medicines through our internationally compatible management systems and R&D and production technology.

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“This will help us better contribute to the development of the Chinese pharmaceutical industry, advance the drug innovation and manufacturing capabilities of Zhejiang province and China, and lay a solid foundation for Chinese pharmaceutical companies to enter the international market.”

Hisun-Pfizer chief executive Kevin Xiao told Bloomberg that the venture plans to hire 600 people in China by the end of the year and across all functions. The aim is to have about 1,000 employees by December, and some 1,500 by the end of 2013.

Image: In China, branded generics account for 70% of the domestic pharmaceutical market. Photo: Courtesy of FreeDigitalPhotos.net.