Pfizer/Hisun to collaborate in China

Pfizer has announced it is to work with Zhejiang Hisun Pharmaceuticals to develop and market generic drugs in China.

The companies have signed a memorandum of understanding on their intention to establish a joint venture with a focus on research, development and commercialisation of off-patent medicines to help build the presence of both firms in the country.

Both parties can contribute existing products and assets to provide a platform for the collaboration.

The move follows a similar agreement Pfizer signed with Chinese company Shanghai Pharmaceuticals, which included distribution and commercialisation, research and development activities, manufacturing and equity investment opportunities.

According to Pfizer, branded generics account for 60 per cent of the domestic market in China, with the country expected to become the world's second-largest pharmaceutical market by 2015.

Hua Bai, CEO and president of Hisun Pharmaceuticals, stated that such deals were the way forward for the company. He said: "Collaborating with the world's leading pharmaceutical companies to form potential joint ventures is a strategy being adopted by Hisun."