Pfizer (IW 500/17), the world's largest drug maker, and U.S. generic drugs specialist Mylan have teamed up to develop their generic businesses in Japan.
"Pfizer and Mylan will each continue to operate independent entities in Japan, but will collaborate on current and future generic products, sharing the costs and profits resulting from the collaboration," the companies said Wednesday.
Their collaboration will include a portfolio of more than 350 marketed products across a broad range of therapeutic categories, as well as more than 125 additional products in development.
Products included are expected to be sold under the Pfizer brand with joint labeling.
Japan is the second-largest pharmaceutical market in the world, behind the United States, and the sixth-largest generic retail prescription market worldwide, with sales of approximately $5.2 billion in 2011, according to IMS Healthcare data.
The companies noted the Japanese market's attractive growth prospects: an aging population, numerous looming drug patent expires and government measures aimed at cutting health-care costs, including a plan to boost generic use from 24% to 30% by year-end.
The financial terms of the exclusive, long-term collaboration were not disclosed.
Copyright Agence France-Presse, 2012