Non-renewal forces Pfizer鈥檚 hand
Print Edition
US drugmaker Pfizer Inc yesterday said it will cease its vaccines sales operations in China after an import license for one of its top-selling treatments, the only vaccine it sold in the country, was not renewed.
A Pfizer spokeswoman declined to say why the Chinese import license for Prevenar, an anti-bacterial treatment, had not been renewed. The China Food and Drug Administration could not immediately be reached for comment.
Prevenar is the only vaccine Pfizer sells in China, and the move doesn’t affect its other operations in the country.
“Based on a careful assessment of this situation, we have decided to cease our vaccines commercial operations in China at this time, effective immediately,” Pfizer spokeswoman Trupti Wagh said in e-mailed comments.
Strong growth in China sales of drugs including Prevenar helped Pfizer offset weaker global revenue growth last year.
Pfizer’s vaccines sales team has around 200 staff and “most colleagues will be impacted,” Wagh added. Pfizer has over 9,000 employees in China, according to its website, working in segments including research and development, prescription drugs and consumer health products.
China’s fast growing health care market estimated at US$1 trillion by 2020 is a magnet for global drugmakers, medical device firms and hospital operators. Drug spending alone is set to hit US$185 billion by 2018, said IMS Health.
However, China’s drug approval backlog jumped a third last year, authorities said earlier this month, reflecting rising industry concern that it is getting harder to get medicines approved.
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