The joint venture is for the development, manufacturing and marketing of generic drugs in China and world markets with an investment of US$295 million
Pfizer has entered into a joint venture with Chinese pharmaceutical company Zhejiang Hisun Pharmaceuticals to develop, manufacture and commercialize generic drugs in China and worldwide markets with an investment of $295 million. Hisun-Pfizer Pharmaceuticals has a registered capital of $250 million, with Hisun controlling 51% and Pfizer controlling 49%. The off-patent medicines sector is a rapidly growing segment, especially in emerging markets, Pfizer said in a statement. The US pharmaceutical company estimated that in China, own-brand generics account for 70% of the domestic pharmaceutical market. "The joint venture is a milestone in Pfizer's commitment to China's healthcare reforms and expanding the reach of its products in China," said Xiaobing Wu, Pfizer country manager for China.
13 September 2012 – Milan Finance
