China's Zhejiang Hisun Pharmaceuticals announced the signing of a memorandum of understanding to form a joint venture with Pfizer Inc. to strengthen the ability of both companies to reach more patients with high-quality and low-cost medicines in the branded generics arena.
Under the MOU, the two companies will explore a potential business collaboration focused on manufacturing cooperation to deliver high-quality medicines, broader commercialization of medicines through a local and global sales and marketing infrastructure and research and development of off-patent medicines. Both parties could contribute select existing products and other relevant assets and capabilities to provide a solid platform for this potential joint venture.
"Collaborating with the world's leading pharmaceutical companies to form potential joint ventures is a strategy being adopted by Hisun," stated Hua Bai, CEO and president of Hisun Pharmaceuticals. "With the combination of Hisun's strategic vision and Pfizer's global resources, we can better perform our roles and obligations to support the development of China's pharmaceutical industry."
Off-patent medicines, including branded generics, represent one of the fastest growth segments in the global pharmaceutical market. This is especially true in emerging markets, where costs and access are primary drivers of off-patent medicine growth. In China, branded generics account for 60% of the domestic market.