Pfizer China yesterday set up its China Regional Headquarters and Pfizer Investment Holding Co in Shanghai with a combined registered capital of US$175 million.
The US-based multinational pharmaceutical giant is also considering to establish one of its global R&D centers in Shanghai in the near future. But no decision has been made yet.
Officials said the new facilities will consolidate and integrate the company's resources to benefit Pfizer's investment in China.
"One important role of the investment company is to facilitate the entry of new products to China," said Allan Gabor, chairman and general manager of Pfizer Investment Holding Co. "In five years, Pfizer plans to launch 13 new drugs in China, where more than 40 products have already been introduced by Pfizer."
He added that several of Pfizer's innovative products will be introduced to China at the same time as in the western countries. Seven of its 10 products with global sales of more than US$1 billion have been marketed in China.
"Through the new entities, we also want to make our products more accessible to local residents, which means we want more of our medicines covered by the city's medical insurance system," said Alan Taylor, Pfizer Pharmaceuticals Regional President for Asia.
Pfizer, which entered China in the 1980s and has so far invested over US$500 million, has plants in Dalian, Suzhou and Wuxi.