The world's largest drugmaker seeks new avenues of growth in generics and emerging markets
By Gabe Perna
Pfizer announced today it has entered licensing agreements with two Indian based companies to strengthen its position in emerging markets. Off-patent medicines, which includes branded generics, represents the fastest growing segment in the pharmaceutical industry. This is especially the case in emerging markets.
“Today’s announcement demonstrates Pfizer’s commitment to improving the global public health landscape by making needed quality medicines - in a range of disease areas - accessible to underserved populations worldwide,” stated Jeff Kindler, chairman and CEO of Pfizer. “The off-patent marketplace worldwide too often suffers from quality and supply reliability issues. With our broad established medicines portfolio and our world-class manufacturing capabilities, Pfizer is in an ideal position to supply high-quality medicines at affordable prices to people around the world.”
Pfizer's agreements with Aurobindo Pharma Ltd and Claris Lifesciences Ltd ensure it'll grow its product portfolio within emerging markets. This will now reflect the unique market dynamics and commercial interests of more than 70 countries. Pfizer will gain rights to 60 of its products in developing markets, where it hopes to increase $3 million in sales by 2012.
“This deal illustrates the types of innovative partnerships which will help to advance Pfizer’s presence in developing markets and enhance access to needed medicines for billions worldwide,” said Jean-Michel Halfon, president and general manager of Pfizer’s Emerging Markets Business Unit. “The expansion of our product portfolio from this deal provides a foundation for us to commercialize branded generics based on patient needs within specific regions.”
For more: Read Pfizer's press release