Pfizer and Mylan partner to sell generics in Japan
Pfizer and Mylan Pharmaceutical’s have signed a definitive agreement to establish an exclusive long-term collaboration, to develop, manufacture, distribute and market generic drugs in Japan.
The collaboration will include a portfolio of over 350 marketed products across a broad range of therapeutic categories, as well as 125 additional products in development. Under terms of the agreement, Pfizer will have responsibility of the commercialization of the combined generics portfolio, managing combined sales and marketing efforts. Mylan will oversee operations, including research, development and manufacturing.
“We are pleased with the opportunity to collaborate with Mylan to meet the ever-growing demand for high-quality generics in Japan. We believe this collaboration will enable both companies to effectively build upon each other’s core capabilities to help meet the needs of more patients and customers in Japan than ever before. Over the past 59 years, Pfizer Japan has built trust with patients and customers, and developed a very strong Pfizer brand. We are committed to delivering high quality medicines and believe this agreement will help us accelerate our ability to achieve our vision: Transform the Japanese Healthcare Environment with Established Products by 2020.”
Albert Bourla, President and General Manager of Pfizer’s Established Products Business Unit.
Pfizer and Mylan will continue to operate independent entities in Japan, but will collaborate on current and future generic products, sharing the costs and profits.
The Japanese pharmaceutical market is the second-largest in the world, behind the US, and the sixth largest generic retail prescription market worldwide. Japan offers attractive growth prospects in the pharma industry, due to factors such as its aging population, a number of upcoming drug patent expiries and a variety of government initiatives to reduce healthcare expenditures. The Japanese government intends to grow the current volume of generic utilization from around 24% to 30% by the end of 2012.
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