Pfizer (PFE, Financials) announced plans to invest $1 billion in China over the next five years to enhance research and development of innovative drugs.
Jean-Christophe Pointeau, president of Pfizer China, revealed the promise at the 7th China International Import Expo, which took place Nov. 5 at the National Convention and Exhibition Center in Shanghai.
Pointeau presented the "Pfizer China 2030 Strategy," which details how the business would concentrate on accelerating innovation, enhancing diagnostic capabilities and treatment standards, and supporting local biotechnology sector development between 2025 and 2030. This strategy backs the "Healthy China 2030" campaign of the Chinese government.
Integrating China into early and late-stage clinical trials of novel medications and vaccines, Pfizer's new research and development facility in Beijing will be essential component of the company's worldwide drug development strategy. By 2030, Pointeau said Pfizer wants to provide 60 novel medications and new indications to the Chinese market.
The approach calls for working with nearby biopharmaceutical companies—including Beijing Tianguangshi Biotechnology—to create therapies for diseases like multiple myeloma. Pfizer wants to carry out clinical research in China and expand these initiatives into US, European, Japanese markets.
Pointeau said that given China's 1.4 billion population and sizable older population, its market offers great chances for development. He underlined as encouraging advances supporting innovation and foreign investment recent regulatory enhancements in medication registration and access.
