Print“Our intent to explore a range of business opportunities with Shanghai Pharmaceutical is an example of our commitment to expand our presence in China in collaboration with the local industry.”
Pfizer and its long-time partner Shanghai Pharmaceutical have agreed to deepen their cooperation with a formal memorandum of understanding, laying the groundwork for expanded distribution of Pfizer's vaccines and other medicines in China's fast-growing pharmaceutical market.
Shanghai Pharma, the only integrated pharmaceutical group in China, according to the company, is Pfizer's largest distributor in the country. In addition to drug discovery, development, and manufacturing, it operates and franchises a network of retail pharmacies across nine provinces, municipalities, and autonomous regions in China, the world's third largest pharmaceutical market. Drug sales in China are expected to reach more than $50 billion in 2011, according to IMS Health.
Pfizer and Shanghai Pharma say they plan to explore registration, commercialization, and distribution in China of an unnamed innovative Pfizer product, as well as further distribution and commercialization deals, research and development cooperation agreements, manufacturing, and equity investment opportunities.
Pfizer says the partners also have plans for the greater promotion of Prevenar, its pneumococcal conjugate vaccine approved in China to immunize infants and toddlers against the bacterium Streptococcus pneumonia.
“Our intent to explore a range of business opportunities with Shanghai Pharmaceutical is an example of our commitment to expand our presence in China in collaboration with the local industry,” says David Simmons, president and general manager of Pfizer's Emerging Markets and Established Products units.
Building a closer relationship with one of its most important Chinese partners may well prove to be an essential element of Pfizer's success in the country. Drug development and registration requirements there are not always consistent with international standards. Clinical trials must include a prescribed number of Chinese patients regardless of the product, therapeutic area or disease population, and intellectual property concerns are abundant. Despite the challenges, no company of Pfizer's stature can afford to be left out of the emerging markets there. Having the right friend could go a long way.
April 21, 2011
http://www.burrillreport.com/article-pfizer_inks_agreement_with_shanghai_pharma.html
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