Pfizer Inc. and Zhejiang Hisun Pharmaceuticals, a leading pharmaceutical company based in China, announced on June 3 that they would form a joint venture for the purpose of "strengthening the ability of both companies to reach more patients with high-quality and low-cost medicines in the branded generics arena," according to a statement released by Pfizer.
In China, branded generics account for 60% of the domestic market, according to Pfizer. With a population exceeding 1.3 billion and rapidly increasing urbanization rates, the nation is expected to become the worlds second-largest pharmaceutical market by 2015. Providing high-quality, accessible and affordable health care to people of all walks of life has become a primary objective of Chinese healthcare reforms.
"Today's announcement demonstrates Pfizer's commitment to China's ongoing healthcare reforms," said David Simmons, president and general manager, Emerging Markets and Established Products of Pfizer Inc. "The potential joint venture would be an important milestone for Pfizer's efforts to broaden the reach of its world-class healthcare solutions in China, and would also help support Chinese industry."