Pfizer, Zhejiang form JV to develop off-patented pharma products
Pharmaceutical companies Pfizer Inc and Zhejiang Hisun Pharmaceuticals has announced the launch of Hisun-Pfizer Pharmaceuticals Co., Ltd. This company was formed out of the joint venture between the two companies to manufacture, develop and commercialize off-patented pharmaceutical products in global markets and in China.
The JV is an important landmark in strengthening the ability of both companies to reach more patients with low-cost medicines and high-quality in the branded generics area.
The launch ceremony was attended by senior officials from Chinese government, senior leaders from Hisun, Pfizer and Hisun-Pfizer, 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 of Pfizer Inc, and others.
The newly formed company will take benefit from Hisun’s strong product portfolio, broad market outreach and experience with the production and commercialization of branded generic medicines.
The JV will also benefit Pfizer’s world class R&D, manufacturing quality management, international market promotion and operational capabilities. This is the first joint venture between a multinational pharmaceutical company and a local leading pharmaceutical company in branded generic medicines in China.
The joint venture aims to build robust sales network covering areas and hospitals in China and also enter the global market by leveraging on Pfizer’s global business markets.
Pfizer, Inc is an American pharmaceutical company having research quarters in Connecticut in U.S. The company is engaged in producing medicines and vaccines for conditions in areas of immunology, and inflammation, oncology, neuroscience and pain. Zhejiang Hisun Pharmaceuticals is located in Taizhou Zhejiang and was founded in 1956. It has become a well-known API active pharmaceutical ingredient manufacturer in China.