Pfizer Pairs With China Partner to Tap Health Care Reform 辉瑞与海正合作开拓中国医药市场

There’s an interesting news bit coming from China’s rapidly rising pharmaceuticals industry, where global giant Pfizer (NYSE: PFE) has just announced it will join with local Chinese partner Hisun (Shanghai: 600267) to form a joint venture to tap what’s expected to be a boom in demand for low-cost drugs. (company announcement) The back story here, of course, is that China is overhauling its health care, introducing a system of heavily subsidized clinics nationwide to take the place of a former socialist system where state-run work units provided free cradle-to-grave care for all their employees. The overhaul will of course favor domestic makers of quality low-cost drugs, which is exactly what Pfizer is chasing with this tie-up. From the looks of the announcement, the venture will focus mostly on generic medicines, but both companies could also provide their own intellectual propertyl. I don’t know a lot about Hisun, but presumably Pfizer has done its homework and feels this is a partner it can work with. If that’s the case, this kind of pairing could be just what the doctor ordered for both sides, as Chinese health officials will undoubtedly be happy to give preferable treatment to drugs from a company with both a strong domestic Chinese partner and also one with the Pfizer seal of approval, guaranteeing the quality of its products.

Bottom line: Pfizer’s new joint venture with Hisun should position both companies well to tap huge demand for cheap generic drugs under Chinese health care reform.

中国医药领域的一则新闻：全球医药届巨头辉瑞<PFE.N>刚刚宣布，将与海正药业股份有限公司<600267.SS>成立合资公司，开拓中国需求巨大的低成本药品市场。这一举动的背景是，中国正在推动医改，拟发展国家补贴下的公立自愿医疗保险制度。改革肯定会惠及中国国内高质量低价药品制造商，这正是辉瑞希望进行此次合作的原因。从声明看，合资公司将主要生产非专利药，但双方也可能提供自己的知识产权。我不太了解海正，但估计辉瑞是事先作了功课，并感到这的确是一个可以合作的夥伴。如果是这样，这种组合可能会很理想，因为中国的卫生官员肯定会愿意优待这样一家既有很强的国内制药商合作方，又有辉瑞，这样一家在药品质量上有保障的合作方。

一句话：在中国医改的大背景下，辉瑞与海正成立合资公司，开拓中国需求巨大的低成本药品市场，对双方都有利。

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