Pfizer and Shanghai Pharmaceutical to develop business in China
Sign memorandum of understanding that includes distribution of unnamed Pfizer product in China
Pfizer and Shanghai Pharmaceutical have agreed to jointly pursue potential business opportunities in China.
The companies have signed a memorandum of understanding that includes the registration, commercialisation and distribution in China of ‘an innovative Pfizer product’. No further details about the product were given.
The agreement also strengthens the companies’ existing promotion of Pfizer’s Prevenar (7-valent) a pneumococcal conjugate vaccine, approved for use in China for immunisation of infants and toddlers for the prevention of diseases caused by the bacterium Streptococcus pneumonia. Shanghai Pharmaceuticals is Pfizer’s largest distribution customer in China.
In addition, the companies will explore future cooperation opportunities, including distribution, research and development, manufacturing and equity investment.
‘Our intention 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,’ said David Simmons, president and general manager, Emerging Markets and Established Products at Pfizer.
Lu Mingfang, chairman of Shanghai Pharmaceutical, added: ‘The Chinese pharmaceutical market is very dynamic and we believe a company must be forward-thinking to succeed in China. Shanghai Pharmaceutical is built off a vision for what the Chinese healthcare market will become, not what it has been. We believe Pfizer is an ideal partner for us in the continuous evolution of our business model and implementation of an international strategy.’
